HB 1799 Innovation and Entrepreneurship Investment Authority; powers, report.
Thomas A. "Tag" Greason | all patrons    ...    notes
| add to my profiles

Summary as passed House: (all summaries)

Innovation and Entrepreneurship Investment Authority; powers. Provides the Innovation and Entrepreneurship Investment Authority (commonly known as the CIT) with the power to exclusively, or with any other person, form and otherwise develop, own, operate, govern, and otherwise direct the disposition of assets of separate legal entities, provided that such entities are formed solely for the purpose of managing and administering any assets disposed of by the Authority. The bill provides that these legal entities may include limited liability companies, limited partnerships, charitable foundations, real estate holding companies, investment holding companies, nonstock corporations, and benefit corporations and provides that any such entities shall be operated under the governance of the Authority. The bill sets out other requirements for such entities, including that they shall not be deemed to be a state or governmental agency, advisory agency, or public body or instrumentality and that no director, officer, or employee of any such entity shall be deemed to be an officer or employee for purposes of the State and Local Government Conflict of Interests Act. The bill does provide, however, that the Auditor of Public Accounts or his legally authorized representatives shall annually audit the financial accounts of the Authority and any such entity, provided that the working papers and records of the Auditor of Public Accounts relating to such audits shall not be subject to the provisions of the Virginia Freedom of Information Act. The bill also sets the quorum for the Authority's board of directors at nine and requires the reporting of certain additional information to the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance, the Secretary of Technology, and the Director of Planning and Budget.

Full text:
01/13/15  House: Prefiled and ordered printed; offered 01/14/15 15103438D  pdf | impact statement
02/02/15  House: Committee substitute printed 15104633D-H1  pdf | impact statement
02/06/15  House: Committee substitute printed 15104861D-H2  pdf | impact statement
02/26/15  House: Bill text as passed House and Senate (HB1799ER)  pdf | impact statement
03/27/15  Governor: Acts of Assembly Chapter text (CHAP0685)  pdf

Amendments:
Senate amendments
Senate amendments engrossed

Status:
01/13/15  House: Prefiled and ordered printed; offered 01/14/15 15103438D
01/13/15  House: Referred to Committee on Science and Technology
02/02/15  House: Reported from Science and Technology with substitute (21-Y 1-N)
02/02/15  House: Committee substitute printed 15104633D-H1
02/02/15  House: Referred to Committee on Appropriations
02/03/15  House: Assigned App. sub: Agriculture, Commerce, Technology and Natural Resources
02/04/15  House: Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
02/06/15  House: Reported from Appropriations with substitute (20-Y 0-N)
02/06/15  House: Committee substitute printed 15104861D-H2
02/07/15  House: Read first time
02/09/15  House: Read second time
02/09/15  House: Committee substitute of Science and Technology rejected 15104633D-H1
02/09/15  House: Committee substitute of Appropriations agreed to 15104861D-H2
02/09/15  House: Engrossed by House - committee substitute HB1799H2
02/10/15  House: Read third time and passed House (97-Y 3-N)
02/10/15  House: VOTE: PASSAGE (97-Y 3-N)
02/11/15  Senate: Constitutional reading dispensed
02/11/15  Senate: Referred to Committee on General Laws and Technology
02/16/15  Senate: Reported from General Laws and Technology with amendment (13-Y 0-N)
02/18/15  Senate: Constitutional reading dispensed (38-Y 0-N)
02/19/15  Senate: Read third time
02/19/15  Senate: Reading of amendment waived
02/19/15  Senate: Committee amendment agreed to
02/19/15  Senate: Engrossed by Senate as amended
02/19/15  Senate: Passed Senate with amendment (38-Y 0-N)
02/20/15  House: Placed on Calendar
02/23/15  House: Senate amendment agreed to by House (91-Y 4-N)
02/23/15  House: VOTE: ADOPTION (91-Y 4-N)
02/26/15  House: Enrolled
02/26/15  House: Bill text as passed House and Senate (HB1799ER)
02/26/15  House: Signed by Speaker
02/26/15  Senate: Signed by President
02/27/15  House: Enrolled Bill communicated to Governor on 2/27/15
02/27/15  Governor: Governor's Action Deadline Midnight, Sunday, March 29, 2015
03/27/15  Governor: Approved by Governor-Chapter 685 (effective 7/1/15)
03/27/15  Governor: Acts of Assembly Chapter text (CHAP0685)