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ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
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Developed and maintained by the Division of Legislative Automated Systems.
2016 SESSION
SB 414 Land Bank Entities Act.
Introduced by: George L. Barker | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Land Bank Entities Act. Authorizes the establishment of a land bank entity by any locality or two or more localities combined to assist in addressing vacant, abandoned, and tax-delinquent real properties. Under the bill, the locality has the option of (i) creating an authority or a nonprofit, nonstock corporation or (ii) designating an existing nonprofit entity that is exempt from taxation under § 501(c)(3) of the Internal Revenue Code and eligible to receive donations from a locality pursuant to § 15.2-953 to carry out the functions of such land entity. The bill provides that land bank entities may acquire real property within participating localities or receive transfers and conveyances from the participating localities. Land bank entities are authorized to receive funding through grants and loans from participating localities, the Commonwealth, the federal government, and other public and private sources. In addition, the bill authorizes a locality to deem paid in full all accumulated taxes, penalties, interest, and other costs on any tax-delinquent property in exchange for conveyance of the property by the owner to a land bank entity. The bill also authorizes a participating locality to remit to the land bank entity up to 50 percent of the real property taxes collected on real property conveyed by a land bank entity for up to 10 years after the conveyance. This bill is a recommendation of the Virginia Housing Commission. This bill is identical to HB 268.
FULL TEXT
- 01/12/16 Senate: Prefiled and ordered printed; offered 01/13/16 16103380D pdf
- 02/05/16 Senate: Printed as engrossed 16103380D-E pdf
- 02/24/16 Senate: Bill text as passed Senate and House (SB414ER) pdf
- 03/01/16 Governor: Acts of Assembly Chapter text (CHAP0159) pdf
AMENDMENTS
HISTORY
- 01/12/16 Senate: Prefiled and ordered printed; offered 01/13/16 16103380D
- 01/12/16 Senate: Referred to Committee on Local Government
- 02/02/16 Senate: Reported from Local Government with amendments (11-Y 0-N)
- 02/04/16 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/05/16 Senate: Read second time
- 02/05/16 Senate: Reading of amendments waived
- 02/05/16 Senate: Committee amendments agreed to
- 02/05/16 Senate: Engrossed by Senate as amended SB414E
- 02/05/16 Senate: Printed as engrossed 16103380D-E
- 02/08/16 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/11/16 House: Placed on Calendar
- 02/11/16 House: Read first time
- 02/11/16 House: Referred to Committee on Counties, Cities and Towns
- 02/19/16 House: Reported from Counties, Cities and Towns (20-Y 1-N)
- 02/22/16 House: Read second time
- 02/23/16 House: Read third time
- 02/23/16 House: Passed House (82-Y 17-N)
- 02/23/16 House: VOTE: PASSAGE (82-Y 17-N)
- 02/24/16 Senate: Enrolled
- 02/24/16 Senate: Bill text as passed Senate and House (SB414ER)
- 02/24/16 House: Signed by Speaker
- 02/25/16 Senate: Signed by President
- 02/25/16 Senate: Enrolled Bill Communicated to Governor on 2/25/16
- 02/25/16 Governor: Governor's Action Deadline Midnight, March 3, 2016
- 03/01/16 Governor: Approved by Governor-Chapter 159 (effective 7/1/16)
- 03/01/16 Governor: Acts of Assembly Chapter text (CHAP0159)