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HB2347

Commonwealth's Development Opportunity Fund; limitation on use of moneys from the Fund.

Status:
Enacted

Chief Patron:
Kathy Byron (R)

Session:
2017 Regular Session

Summary

As Passed House of Origin. Commonwealth's Development Opportunity Fund; limitation on use of moneys from the Fund.

Provides that unless an exception has been granted by the Secretary of Commerce and Trade, moneys in the Commonwealth's Development Opportunity Fund shall not be used for any economic development project involving a business that relocates or expands its operations in one or more Virginia localities while simultaneously closing its operations or substantially reducing the number of its employees in another Virginia locality. Under current law, this limitation on the use of the Fund is stated as a general policy rather than as a requirement. The bill also requires the Secretary of Commerce and Trade to provide written notice to the Chairmen of the Senate Finance and House Appropriations Committees at least 48 hours prior to the final approval of the grant or loan. Currently, the notice must be provided promptly, and a time frame is not specified. (Less)

  • Bill History

  • 01/14/2017 - House: Presented and ordered printed 17100090D
  • 01/14/2017 - House: Referred to Committee on Appropriations
  • 01/17/2017 - House: Assigned App. sub: Commerce, Agriculture, Natural Resources and Technology
  • 01/23/2017 - House: Impact statement from DPB (HB2347)
  • 01/25/2017 - House: Subcommittee recommends reporting with substitute (7-Y 0-N)
  • 01/30/2017 - House: Reported from Appropriations with substitute (22-Y 0-N)
  • 01/30/2017 - House: Committee substitute printed 17104721D-H1
  • 02/01/2017 - House: Read first time
  • 02/01/2017 - House: Impact statement from DPB (HB2347H1)
  • 02/02/2017 - House: Read second time
  • 02/02/2017 - House: Committee substitute agreed to 17104721D-H1
  • 02/02/2017 - House: Engrossed by House - committee substitute HB2347H1
  • 02/03/2017 - House: Read third time and passed House BLOCK VOTE (95-Y 0-N)
  • 02/03/2017 - House: VOTE: BLOCK VOTE PASSAGE (95-Y 0-N)
  • 02/06/2017 - Senate: Constitutional reading dispensed
  • 02/06/2017 - Senate: Referred to Committee on Finance
  • 02/14/2017 - Senate: Reported from Finance (16-Y 0-N)
  • 02/15/2017 - Senate: Constitutional reading dispensed (40-Y 0-N)
  • 02/16/2017 - Senate: Read third time
  • 02/16/2017 - Senate: Passed Senate (39-Y 0-N)
  • 02/16/2017 - Senate: Reconsideration of Senate passage agreed to by Senate (40-Y 0-N)
  • 02/16/2017 - Senate: Passed Senate (40-Y 0-N)
  • 02/20/2017 - House: Enrolled
  • 02/20/2017 - House: Bill text as passed House and Senate (HB2347ER)
  • 02/20/2017 - House: Impact statement from DPB (HB2347ER)
  • 02/20/2017 - House: Signed by Speaker
  • 02/21/2017 - Senate: Signed by President
  • 02/21/2017 - House: Enrolled Bill communicated to Governor on 2/21/17
  • 02/21/2017 - Governor: Governor's Action Deadline Midnight, March 27, 2017
  • 03/20/2017 - Governor: Approved by Governor-Chapter 663 (effective 7/1/17)
  • 03/20/2017 - Governor: Acts of Assembly Chapter text (CHAP0663)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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