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2016 SESSION

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HB 846 Virginia Collaborative Economic Development Act; established, sunset provision.

Introduced by: Timothy D. Hugo | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Virginia Collaborative Economic Development Act. Creates the Virginia Collaborative Economic Development Performance Grant Fund (the Fund). The Fund will be administered by the Go Virginia Board. Two or more localities that collaborate and adopt a collaborative economic development plan will be eligible for grants from the Fund over a period of six years if the collaboration results in the location or expansion of a company in the Commonwealth that (i) creates at least 200 new jobs with average salaries at least equal to the average wage and (ii) makes a capital investment of at least $25 million. The total amount of the grant applied for shall not exceed 50 percent of the total investment of the localities in executing the collaborative economic development plan, and each annual installment of the grant may not exceed 45 percent of the total annual amount of personal income tax withheld by the certified company from the newly created jobs. Upon making a written finding of significant fiscal distress in or extraordinary economic opportunity for the participating localities, the Go Virginia Board may lower the job and capital investment requirements to no fewer than 25 new jobs and no less than $1 million in capital investment and may award up to 100 percent of the total investment of the localities. No grants shall be awarded absent a subsequent enactment of the General Assembly authorizing the award of the grants, and the grant program will sunset on July 1, 2026. This bill is identical to SB 459.


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