HB 1968 Small Business Investment Grant Fund; changes to Fund.
R. Steven Landes | all patrons    ...    notes
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Summary as introduced:
Virginia Small Business Financing Authority; administration of Small Business Investment Grant Fund. Makes changes to the Small Business Investment Grant Fund to make it easier for investor applicants to qualify for grants and provide more benefits for investor applicants. The bill (i) allows as a qualified investment any cash equity investment in a qualified business from an individual investor or from an investor who has received compensation; (ii) amends the definition of "small business" to increase the amount of equity capital for a qualifying business from $3 million to $5 million; (iii) moves the start date for eligible investments from July 1, 2012, to July 1, 2016; and (iv) increases the amount of the grant from 10 percent of the investment to 50 percent of the investment or $50,000, whichever is less. The bill maintains the total grant allocation cap of $250,000 for each eligible investor.

Full text:
01/10/17  House: Prefiled and ordered printed; offered 01/11/17 17101272D  pdf | impact statement
02/20/17  House: Bill text as passed House and Senate (HB1968ER)  pdf | impact statement
03/13/17  Governor: Acts of Assembly Chapter text (CHAP0383)  pdf

Status:
01/10/17  House: Prefiled and ordered printed; offered 01/11/17 17101272D
01/10/17  House: Referred to Committee on General Laws
01/16/17  House: Assigned GL sub: Subcommittee #4
01/19/17  House: Subcommittee recommends reporting (7-Y 0-N)
01/24/17  House: Reported from General Laws (22-Y 0-N)
01/26/17  House: Read first time
01/27/17  House: Read second time and engrossed
01/30/17  House: Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/30/17  House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
01/31/17  Senate: Constitutional reading dispensed
01/31/17  Senate: Referred to Committee on General Laws and Technology
02/13/17  Senate: Reported from General Laws and Technology (15-Y 0-N)
02/15/17  Senate: Constitutional reading dispensed (40-Y 0-N)
02/16/17  Senate: Read third time
02/16/17  Senate: Passed Senate (39-Y 0-N)
02/16/17  Senate: Reconsideration of Senate passage agreed to by Senate (40-Y 0-N)
02/16/17  Senate: Passed Senate (40-Y 0-N)
02/20/17  House: Enrolled
02/20/17  House: Bill text as passed House and Senate (HB1968ER)
02/20/17  House: Signed by Speaker
02/21/17  Senate: Signed by President
02/21/17  House: Enrolled Bill communicated to Governor on 2/21/17
02/21/17  Governor: Governor's Action Deadline Midnight, March 27, 2017
03/13/17  Governor: Approved by Governor-Chapter 383 (effective 7/1/17)
03/13/17  Governor: Acts of Assembly Chapter text (CHAP0383)