HB 2460 Investment Partnership Act; created.
Thomas G. Baker, Jr. | all patrons    ...    notes
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Summary as passed: (all summaries)
Economic development; Virginia Investment Partnership Act. Establishes two grant programs to be paid, subject to appropriation, from the Virginia Investment Partnership Grant Fund. One program provides for a grant of $25 million to an eligible Virginia manufacturer who makes an investment of $100 million that results in the creation of at least 1,000 new permanent, full-time jobs. The terms of the grant are to be set forth in a memorandum of agreement, subject to review by the House Appropriations and Senate Finance Committees. The grant will be payable over a period of five to seven years, beginning the sixth year after the investment is complete and verified. The second program provides grants for existing Virginia manufacturers making a capital investment of at least $25 million but do not qualify for the first grant program. The amount of the grant an eligible manufacturer may receive will be determined by the Secretary of Commerce and Trade, based on recommendations of the Virginia Economic Development Partnership and approved by the Governor. The grant amount determination will be made by applying guidelines, to be reviewed by the chairmen of the House Appropriations and Senate Finance Committees, that take into account the number of new jobs created, their wages, the amount of the investment, the net present value of benefits to Virginia, and other factors. The amount of a grant any eligible manufacturer is eligible for shall not exceed $3 million or 10 percent of the amount appropriated to the program’s subfund. No more than $6 million in grants shall be approved in any year. An overall cap of $30 million in grant awards outstanding at any time is established. These grants will be payable, subject to appropriation, over five years beginning in the sixth year after the investment is completed and verified.

Full text:
01/21/99  House: Presented & ordered printed 990790811  pdf
02/01/99  House: Printed as engrossed 990790811-E  pdf
02/18/99  Senate: Committee substitute printed 991239120-S1  pdf
02/18/99  Senate: Committee substitute printed 994188120-S2  pdf
03/09/99  House: Bill text as passed House and Senate (HB2460ER)  pdf
04/09/99  Governor: Acts of Assembly Chapter text (CHAP0875)  pdf

Amendments:
House amendments

Status:
01/21/99  House: Presented & ordered printed 990790811
01/22/99  House: Referred to Committee on General Laws
01/25/99  House: Assigned to General Laws sub-committee: 6
01/28/99  House: Reported from General Laws with amds. (26-Y 0-N)
01/29/99  House: Read first time
02/01/99  House: Read second time
02/01/99  House: Committee amendments agreed to
02/01/99  House: Engrossed by House as amended
02/01/99  House: Printed as engrossed 990790811-E
02/03/99  House: Read third time and passed House (Block Vote) (100-Y 0-N)
02/03/99  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
02/03/99  House: Communicated to Senate
02/04/99  Senate: Constitutional reading dispensed
02/04/99  Senate: Referred to Committee on General Laws
02/17/99  Senate: Reported from General Laws with sub. (15-Y 0-N)
02/17/99  Senate: Rereferred to Finance
02/18/99  Senate: Committee substitute printed 991239120-S1
02/18/99  Senate: Committee substitute printed 994188120-S2
02/18/99  Senate: Reported from Finance with substitute (17-Y 0-N)
02/19/99  Senate: Const. reading disp., passed by for the day (39-Y 0-N)
02/19/99  Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
02/19/99  Senate: Reconsideration of passed by for the day (39-Y 0-N)
02/19/99  Senate: VOTE: RECONSIDER R (39-Y 0-N)
02/19/99  Senate: Reconsider constitutional reading dispensed (40-Y 0-N)
02/19/99  Senate: VOTE: RECONSIDER R (40-Y 0-N)
02/19/99  Senate: Const. reading disp., passed by for the day (40-Y 0-N)
02/19/99  Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
02/22/99  Senate: Read third time
02/22/99  Senate: Reading of substitute waived
02/22/99  Senate: Committee on General Laws substitute rejected 991239120-S1
02/22/99  Senate: Committee on Finance substitute agreed to 994188120-S2
02/22/99  Senate: Engrossed by Senate - comm. sub. 994188120-S2
02/22/99  Senate: Passed Senate with substitute (40-Y 0-N)
02/22/99  Senate: VOTE: PASSAGE R (40-Y 0-N)
02/23/99  House: Placed on Calendar
02/24/99  House: Passed by for the day
02/25/99  House: Senate sub. agreed to by House (Block Vote) (100-Y 0-N)
02/25/99  House: VOTE: BLOCK VOTE-ADOPTION (100-Y 0-N)
03/09/99  House: Bill text as passed House and Senate (HB2460ER)
03/12/99  House: Enrolled
03/12/99  House: Signed by Speaker
03/15/99  Senate: Signed by President
03/29/99  Governor: Approved by Governor-Chapter 875 (effective 7/1/99)
04/09/99  Governor: Acts of Assembly Chapter text (CHAP0875)