Virginia House Bill 1262 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 10 2024 - 25% progression
Action: 2024-02-13 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Local sales tax entitlement; blighted retail district. Entitles a blighted retail district in Stafford County that undergoes a major reconstruction or renovation involving a capital investment of at least $15 million to the one percent local sales tax revenue generated on the premises of the project to be used towards debt service to bridge the gap between available debt and equity and the expected costs of the project. The bill states that in order to qualify for the entitlement, the project must have at least 70 percent of the funding for the project in place. The bill specifies that the blighted retail project must provide a match for the one percent local sales tax revenue.

Local sales tax entitlement; blighted retail district.

Del. Paul Milde [R]

Date	Chamber	Action
2024-02-13	House	Left in Finance
2024-02-02	House	Assigned Finance sub: Subcommittee #2
2024-01-10	House	Referred to Committee on Finance
2024-01-10	House	Prefiled and ordered printed; offered 01/10/24 24103435D

Chapter	Article	Section	Citation Type	Statute Text
58	1	608.3:1	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB1262
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+HB1262+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?241+oth+HB1262F161+PDF