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2017 SESSION
HB 1968 Small Business Investment Grant Fund; changes to Fund.
Introduced by: R. Steven Landes | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Virginia Small Business Financing Authority; administration of Small Business Investment Grant Fund. Makes changes to the Small Business Investment Grant Fund to make it easier for investor applicants to qualify for grants and provide more benefits for investor applicants. The bill (i) allows as a qualified investment any cash equity investment in a qualified business from an individual investor or from an investor who has received compensation; (ii) amends the definition of "small business" to increase the amount of equity capital for a qualifying business from $3 million to $5 million; (iii) moves the start date for eligible investments from July 1, 2012, to July 1, 2016; and (iv) increases the amount of the grant from 10 percent of the investment to 50 percent of the investment or $50,000, whichever is less. The bill maintains the total grant allocation cap of $250,000 for each eligible investor.
FULL TEXT
- 01/10/17 House: Prefiled and ordered printed; offered 01/11/17 17101272D pdf | impact statement
- 02/20/17 House: Bill text as passed House and Senate (HB1968ER) pdf | impact statement
- 03/13/17 Governor: Acts of Assembly Chapter text (CHAP0383) pdf
HISTORY
- 01/10/17 House: Prefiled and ordered printed; offered 01/11/17 17101272D
- 01/10/17 House: Referred to Committee on General Laws
- 01/16/17 House: Assigned GL sub: Subcommittee #4
- 01/19/17 House: Subcommittee recommends reporting (7-Y 0-N)
- 01/24/17 House: Reported from General Laws (22-Y 0-N)
- 01/26/17 House: Read first time
- 01/27/17 House: Read second time and engrossed
- 01/30/17 House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
- 01/30/17 House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
- 01/31/17 Senate: Constitutional reading dispensed
- 01/31/17 Senate: Referred to Committee on General Laws and Technology
- 02/13/17 Senate: Reported from General Laws and Technology (15-Y 0-N)
- 02/15/17 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/16/17 Senate: Read third time
- 02/16/17 Senate: Passed Senate (39-Y 0-N)
- 02/16/17 Senate: Reconsideration of Senate passage agreed to by Senate (40-Y 0-N)
- 02/16/17 Senate: Passed Senate (40-Y 0-N)
- 02/20/17 House: Enrolled
- 02/20/17 House: Bill text as passed House and Senate (HB1968ER)
- 02/20/17 House: Signed by Speaker
- 02/21/17 Senate: Signed by President
- 02/21/17 House: Enrolled Bill communicated to Governor on 2/21/17
- 02/21/17 Governor: Governor's Action Deadline Midnight, March 27, 2017
- 03/13/17 Governor: Approved by Governor-Chapter 383 (effective 7/1/17)
- 03/13/17 Governor: Acts of Assembly Chapter text (CHAP0383)