SB 1143 Investment Partnership Act; created.
Malfourd W. Trumbo | all patrons    ...    notes
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Summary as enacted with Governor's Recommendation: (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 shall 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 shall 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, wages, the amount of the investment, the present net value of paid 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  Senate: Presented & ordered printed 990792811  pdf
02/07/99  Senate: Committee substitute printed 999609747-S1  pdf
03/09/99  Senate: Bill text as passed Senate and House (SB1143ER)  pdf
04/07/99  Senate: Reenrolled bill text (SB1143ER2)  pdf
04/13/99  Governor: Acts of Assembly Chapter text (CHAP0961)  pdf

Amendments:
House amendments
House amendments engrossed
Governor's recommendation

Status:
01/21/99  Senate: Presented & ordered printed 990792811
01/21/99  Senate: Referred to Committee on Finance
02/07/99  Senate: Committee substitute printed 999609747-S1
02/07/99  Senate: Reported from Finance with substitute (17-Y 0-N)
02/08/99  Senate: Constitutional reading dispensed (40-Y 0-N)
02/08/99  Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
02/09/99  Senate: Read second time
02/09/99  Senate: Reading of substitute waived
02/09/99  Senate: Committee substitute agreed to 999609747-S1
02/09/99  Senate: Engrossed by Senate - comm. sub. 999609747-S1
02/09/99  Senate: Constitutional reading dispensed (40-Y 0-N)
02/09/99  Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
02/09/99  Senate: Passed Senate (40-Y 0-N)
02/09/99  Senate: VOTE: PASSAGE R (40-Y 0-N)
02/09/99  Senate: Communicated to House
02/12/99  House: Placed on Calendar
02/15/99  House: Read first time
02/15/99  House: Referred to Committee on General Laws
02/15/99  House: Assigned to General Laws sub-committee: 6
02/23/99  House: Reported from General Laws with amds. (25-Y 1-N)
02/24/99  House: Read second time
02/25/99  House: Read third time
02/25/99  House: Committee amendments agreed to
02/25/99  House: Engrossed by House as amended
02/25/99  House: Passed House with amendments (94-Y 2-N)
02/25/99  House: VOTE: PASSAGE (94-Y 2-N)
02/25/99  Senate: Reading of amendments waived
02/25/99  Senate: House amendments agreed to by Senate (36-Y 0-N)
02/25/99  Senate: VOTE: CONCUR HOUSE AMENDMENTS (36-Y 0-N)
03/09/99  Senate: Bill text as passed Senate and House (SB1143ER)
03/15/99  Senate: Enrolled
03/16/99  Senate: Signed by President
03/18/99  House: Signed by Speaker
03/29/99  Senate: Governor's recommendation received by Senate
04/07/99  Senate: Placed on Calendar
04/07/99  Senate: Senate concurred in Gov's recommendation (40-Y 0-N)
04/07/99  Senate: VOTE: ADOPT GOV. RECOMM. (40-Y 0-N)
04/07/99  House: House concurred in Gov's recom (Block Vote) (97-Y 0-N)
04/07/99  House: VOTE: BLOCK VOTE-ADOPTION (97-Y 0-N)
04/07/99  Governor: Governor's recommendation adopted
04/07/99  Senate: Reenrolled
04/07/99  Senate: Signed by President as reenrolled
04/07/99  House: Signed by Speaker as reenrolled
04/07/99  House: Enacted, Chapter 961 (effective 7/1/99)
04/07/99  Senate: Reenrolled bill text (SB1143ER2)
04/13/99  Governor: Acts of Assembly Chapter text (CHAP0961)