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1996 SESSION

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964841805
SENATE BILL NO. 553 Senate Amendments in [ ] -- February 8, 1996 A BILL to facilitate the use of enterprise zone incentives by pharmaceutical and home care products companies undertaking significant new research and development activities. ----------
Patrons-- Lambert and Marsh; Delegates: Barlow, Cunningham, Hall, McEachin, Ruff and Wilkins
---------- Referred to the Committee on Finance ----------

Be it enacted by the General Assembly of Virginia:

1. § 1. Notwithstanding the provisions of § 59.1-279 respecting requirements for qualified business firms, the requirement that at least forty percent of the new employees employed at a qualified business either have incomes below eighty percent of the area median income for the jurisdiction prior to employment or are residents of the zone may be waived by the Governor for pharmaceutical [ , health care, ] and home care products companies, which are undertaking expansions for the [ primary ] purpose of basic research or research and development in the experimental or laboratory sense, following receipt and review of an application from the [ chief elected official for the jurisdiction mayor or chairman of board of supervisors of the city, town or county ] in which the waiver is being requested. Any application shall be only for an individual qualified business firm.

If provisions of the first section of this enactment are held invalid, then it shall not affect the validity of the requirements of § 59.1-279 as they pertain to all other entities seeking to be designated as qualified business firms.