Virginia House Bill 1556 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 7 2015 - 25% progression, died in committee
Action: 2015-02-10 - Left in Appropriations
Pending: House Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]

Local economic development. Provides that the Virginia income tax net revenue and sales and use tax generated by certain corporations or limited liability companies within a qualified locality shall be transferred to the qualified locality under certain conditions. A qualified locality is one that (i) has made application to the Virginia Economic Development Partnership Authority for a Major Employment and Investment Project Site Planning Grant pursuant to §2.2-2240.2 and has been rejected for such grant and (ii) has expended local funds for the economic development purposes specified in §2.2-2240.2. The total amount eligible to be returned to a qualified locality shall not exceed $5 million for any single economic development project.

Economic development, local; revenues from certain taxes for qualified locality.

Del. Peter Farrell [R]

Date	Chamber	Action
2015-02-10	House	Left in Appropriations
2015-01-16	House	Referred to Committee on Appropriations
2015-01-16	House	Referred from Counties, Cities and Towns by voice vote
2015-01-07	House	Referred to Committee on Counties, Cities and Towns
2015-01-07	House	Prefiled and ordered printed; offered 01/14/15 15102829D

Chapter	Article	Section	Citation Type	Statute Text
15	2	941.1	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?151+sum+HB1556
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?151+ful+HB1556+hil