VA SB496 | 2024 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on April 8 2024 - 100% progression
Action: 2024-04-08 - Governor: Acts of Assembly Chapter text (CHAP0624)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on April 8 2024 - 100% progression
Action: 2024-04-08 - Governor: Acts of Assembly Chapter text (CHAP0624)
Text: Latest bill text (Chaptered) [HTML]
Summary
Virginia Growth and Opportunity Act; Virginia investment performance grants; Virginia economic development incentive grants. Reduces the local funding match requirement for GO Virginia grants from being equal to the grant amount to being at least equal to half of the grant amount until July 1, 2028. The bill adds the Secretary of Labor to the Virginia Growth and Opportunity Board. The bill also requires, for a Virginia investment performance grant award determination that includes a job creation requirement, an eligible manufacturer or research and development service to pay an average wage, excluding fringe benefits, that is no less than the prevailing average wage for such new jobs. Under the bill, beginning July 1, 2024, (i) the aggregate amount of Virginia investment performance grants payable to all grant recipients in any fiscal year shall not exceed $7 million and (ii) grants shall be payable in amounts up to $5 million per eligible manufacturer or research and development service in five equal, annual installments of up to $1 million, beginning in the first year after verification of capital investment and pledged employment. The bill also provides that eligible companies shall be eligible to receive Virginia economic development incentive grants in the first year after verification that requirements applicable to such grant are satisfied. The bill contains an enactment clause clarifying that no existing agreement entered into prior to the effective date of the bill shall be impacted by the bill. Virginia Growth and Opportunity Act; Virginia investment performance grants; Virginia economic development incentive grants. Reduces the local funding match requirement for GO Virginia grants from being equal to the grant amount to being at least equal to half of the grant amount until July 1, 2028. The bill adds the Secretary of Labor to the Virginia Growth and Opportunity Board. The bill also requires, for a Virginia investment performance grant award determination that includes a job creation requirement, an eligible manufacturer or research and development service to pay an average wage, excluding fringe benefits, that is no less than the prevailing average wage for such new jobs. Under the bill, beginning July 1, 2024, (i) the aggregate amount of Virginia investment performance grants payable to all grant recipients in any fiscal year shall not exceed $7 million and (ii) grants shall be payable in amounts up to $5 million per eligible manufacturer or research and development service in five equal, annual installments of up to $1 million, beginning in the first year after verification of capital investment and pledged employment. The bill also provides that eligible companies shall be eligible to receive Virginia economic development incentive grants in the first year after verification that requirements applicable to such grant are satisfied. The bill contains an enactment clause clarifying that no existing agreement entered into prior to the effective date of the bill shall be impacted by the bill.
Title
Virginia Growth and Opportunity Board; Virginia investment performance grants.
Sponsors
Roll Calls
2024-03-08 - House - House: VOTE: Adoption (86-Y 10-N) (Y: 86 N: 10 NV: 0 Abs: 4) [PASS]
2024-03-08 - Senate - Senate: Conference report agreed to by Senate (39-Y 1-N) (Y: 39 N: 1 NV: 0 Abs: 0) [PASS]
2024-03-07 - Senate - Senate: Senate acceded to request (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-03-05 - Senate - Senate: House substitute rejected by Senate (0-Y 40-N) (Y: 0 N: 40 NV: 0 Abs: 0) [FAIL]
2024-03-01 - House - House: VOTE: Passage (84-Y 11-N) (Y: 84 N: 11 NV: 0 Abs: 5) [PASS]
2024-02-27 - House - House: Reported from General Laws with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-22 - House - House: Subcommittee recommends reporting with substitute (6-Y 0-N) (Y: 6 N: 0 NV: 0 Abs: 2) [PASS]
2024-02-13 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-13 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-12 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-12 - Senate - Senate: Reported from Finance and Appropriations with amendment (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-07 - Senate - Senate: Reported from General Laws and Technology with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2024-03-08 - Senate - Senate: Conference report agreed to by Senate (39-Y 1-N) (Y: 39 N: 1 NV: 0 Abs: 0) [PASS]
2024-03-07 - Senate - Senate: Senate acceded to request (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-03-05 - Senate - Senate: House substitute rejected by Senate (0-Y 40-N) (Y: 0 N: 40 NV: 0 Abs: 0) [FAIL]
2024-03-01 - House - House: VOTE: Passage (84-Y 11-N) (Y: 84 N: 11 NV: 0 Abs: 5) [PASS]
2024-02-27 - House - House: Reported from General Laws with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-22 - House - House: Subcommittee recommends reporting with substitute (6-Y 0-N) (Y: 6 N: 0 NV: 0 Abs: 2) [PASS]
2024-02-13 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-13 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-12 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-12 - Senate - Senate: Reported from Finance and Appropriations with amendment (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-07 - Senate - Senate: Reported from General Laws and Technology with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-04-08 | Governor: Acts of Assembly Chapter text (CHAP0624) | |
| 2024-04-08 | Governor: Approved by Governor-Chapter 624 (effective 7/1/24 - see bill) | |
| 2024-03-27 | Governor: Governor's Action Deadline 11:59 p.m., April 8, 2024 | |
| 2024-03-27 | Senate | Enrolled Bill Communicated to Governor on March 27, 2024 |
| 2024-03-26 | House | Signed by Speaker |
| 2024-03-25 | Senate | Signed by President |
| 2024-03-25 | Senate | Bill text as passed Senate and House (SB496ER) |
| 2024-03-25 | Senate | Enrolled |
| 2024-03-08 | House | VOTE: Adoption (86-Y 10-N) |
| 2024-03-08 | House | Conference report agreed to by House (86-Y 10-N) |
| 2024-03-08 | Senate | Conference report agreed to by Senate (39-Y 1-N) |
| 2024-03-08 | Senate | Conference substitute printed 24109093D-S2 |
| 2024-03-08 | Conference: Amended by conference committee | |
| 2024-03-07 | House | Delegates: Bennett-Parker, Thomas, Arnold |
| 2024-03-07 | House | Conferees appointed by House |
| 2024-03-07 | Senate | Senators: Carroll Foy, McPike, French |
| 2024-03-07 | Senate | Conferees appointed by Senate |
| 2024-03-07 | Senate | Senate acceded to request (40-Y 0-N) |
| 2024-03-06 | House | House requested conference committee |
| 2024-03-06 | House | House insisted on substitute |
| 2024-03-05 | Senate | House substitute rejected by Senate (0-Y 40-N) |
| 2024-03-04 | Senate | Passed by for the day |
| 2024-03-01 | House | VOTE: Passage (84-Y 11-N) |
| 2024-03-01 | House | Passed House with substitute (84-Y 11-N) |
| 2024-03-01 | House | Engrossed by House - committee substitute SB496H1 |
| 2024-03-01 | House | Committee substitute agreed to 24107890D-H1 |
| 2024-03-01 | House | Read third time |
| 2024-02-29 | House | Read second time |
| 2024-02-27 | House | Committee substitute printed 24107890D-H1 |
| 2024-02-27 | House | Reported from General Laws with substitute (22-Y 0-N) |
| 2024-02-22 | House | Subcommittee recommends reporting with substitute (6-Y 0-N) |
| 2024-02-19 | House | Assigned GL sub: Professions/Occupations and Administrative Process |
| 2024-02-16 | House | Referred to Committee on General Laws |
| 2024-02-16 | House | Read first time |
| 2024-02-16 | House | Placed on Calendar |
| 2024-02-13 | Senate | Passed Senate (40-Y 0-N) |
| 2024-02-13 | Senate | Constitutional reading dispensed (39-Y 0-N) |
| 2024-02-13 | Senate | Printed as engrossed 24106988D-ES1 |
| 2024-02-13 | Senate | Engrossed by Senate - committee substitute with amendment SB496ES1 |
| 2024-02-13 | Senate | Committee amendment agreed to |
| 2024-02-13 | Senate | Reading of amendment waived |
| 2024-02-13 | Senate | Committee substitute agreed to 24106988D-S1 |
| 2024-02-13 | Senate | Reading of substitute waived |
| 2024-02-13 | Senate | Read second time |
| 2024-02-12 | Senate | Constitutional reading dispensed (40-Y 0-N) |
| 2024-02-12 | Senate | Reported from Finance and Appropriations with amendment (15-Y 0-N) |
| 2024-02-07 | Senate | Rereferred to Finance and Appropriations |
| 2024-02-07 | Senate | Committee substitute printed 24106988D-S1 |
| 2024-02-07 | Senate | Reported from General Laws and Technology with substitute (15-Y 0-N) |
| 2024-01-09 | Senate | Referred to Committee on General Laws and Technology |
| 2024-01-09 | Senate | Prefiled and ordered printed; offered 01/10/24 24104367D |
Subjects
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 2 | 2 | 2489 | (n/a) | See Bill Text |
| 2 | 2 | 5100 | (n/a) | See Bill Text |
| 2 | 2 | 5101 | (n/a) | See Bill Text |
| 2 | 2 | 5102.1 | (n/a) | See Bill Text |
