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2022 SESSION
HB 458 MEI Project Approval Commission; incentives requiring review.
Introduced by: David L. Bulova | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
MEI Project Approval Commission; incentives requiring review. Adds to the incentive packages for economic development, film, and episodic television projects that require MEI Project Approval Commission (the Commission) review and approval any incentive package in which one of the incentives being sought includes a cash payment of more than $3.5 million from any fund prior to any performance metrics being met by the proposed project. The bill clarifies that in calculating whether the value of proposed incentives exceeds $10 million and thus requires review under current law, the value of applicable existing tax credits and incentives shall not be considered, with the exception of the sales tax exemption for data centers and the motion picture tax credit. Finally, the bill provides that economic development projects that propose to relocate or expand operations in one area of the Commonwealth while closing or reducing operations in another area of the Commonwealth shall be subject to Commission review only if the value of the proposed incentives exceeds $2.5 million.
FULL TEXT
HISTORY
- 01/11/22 House: Prefiled and ordered printed; offered 01/12/22 22100646D
- 01/11/22 House: Referred to Committee on Appropriations
- 01/19/22 House: Assigned App. sub: Commerce Agriculture & Natural Resources
- 02/02/22 House: Subcommittee recommends reporting (8-Y 0-N)
- 02/02/22 House: Reported from Appropriations (22-Y 0-N)
- 02/04/22 House: Read first time
- 02/07/22 House: Read second time and engrossed
- 02/08/22 House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
- 02/08/22 House: VOTE: Block Vote Passage (98-Y 0-N)
- 02/08/22 House: Reconsideration of passage agreed to by House
- 02/08/22 House: Passed House BLOCK VOTE (99-Y 0-N)
- 02/08/22 House: VOTE: Block Vote Passage #2 (99-Y 0-N)
- 02/09/22 Senate: Constitutional reading dispensed
- 02/09/22 Senate: Referred to Committee on Finance and Appropriations
- 03/02/22 Senate: Continued to 2023 in Finance and Appropriations (15-Y 0-N)