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ACROSS SESSIONS
- Subject Index: Since 1995
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Developed and maintained by the Division of Legislative Automated Systems.
1996 SESSION
962402812WHEREAS, tax-exempt industrial development bonds play a critical role in promoting economic development in the Commonwealth; and
WHEREAS, these bonds are used by local industrial development authorities and corporations to create jobs and bring investment to the Commonwealth; and
WHEREAS, in 1995, these bonds, amounting to $134 million, played a role in creating 2,500 jobs; and
WHEREAS, the Virginia Small Business Financing Authority, which facilitates the administration of the industrial development bond program for the Commonwealth, finds that federal restrictions on the issuance of these bonds hinders business development; and
WHEREAS, particularly restrictive is the $10 million cap and the limitation that bond proceeds cannot be used to finance associated office and warehouse space that businesses expanding in or relocating to Virginia need; and
WHEREAS, Congressman Phil English has introduced H.R. 2617 [ of the 104th Congress ] to increase the cap to $20 million and to remove many of the unnecessary restrictions on the use of industrial development bonds; and
WHEREAS, the Joint Subcommittee to Study Capital Access and Business Financing, created pursuant to Senate Joint Resolution No. 370 (1995) and House Joint Resolution No. 591 (1995), has expressed its support for H.R. 2617; now, therefore, be it
RESOLVED [ by the House of Delegates, the Senate concurring, That it is
the sense of the General Assembly of Virginia that Congress should pass House
Resolution No. 2617 to foster economic growth across the Commonwealth; and, be
it by the House of Delegates, the Senate concurring, That the Congress of
the United States be urged to pass legislation providing states and localities
with additional flexibility relating to the issuance of tax-exempt industrial
development bonds to promote economic development; and, be it ]
RESOLVED FURTHER, [ that the Clerk of the House of Delegates prepare a
copy of this resolution for presentation to the President of the United States,
the President Pro tempore of the U.S. Senate, the Speaker of the U.S. House of
Representatives, That the Clerk of the House of Delegates transmit copies
of this resolution to the President of the United States, the Speaker of the
United States House of Representative, the President Pro Tempore of the United
States Senate, ] and to each member of the Virginia Congressional Delegation
in order that they may be apprised of the [ sentiment sense ] of the
General Assembly of Virginia.