{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/2.2-2237.3.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/2.2-2237.3.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/2.2-2237.3.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/2.2-2237.3.html"}],"law_id":57659,"edition_id":1,"section_id":57659,"structure_id":14474,"section_number":"2.2-2237.3","catch_line":"Division of Incentives","history":"2017, cc. 804, 824; 2018, c. 829; 2020, c. 591; 2023, cc. 624, 625.","full_text":"A\n\nWithin the Authority shall be created a Division of Incentives that shall be responsible for reviewing, vetting, tracking, and coordinating economic development incentives administered by or through the Authority and for aligning those incentives with economic development incentives offered by other entities in the Commonwealth.B\n\nNo project that includes an offer of economic development incentives by the Commonwealth, including grants or loans from the Commonwealth’s Development Opportunity Fund, shall be approved by the Governor until (i) the Division of Incentives has undertaken appropriate due diligence regarding the proposed project and the Secretary of Commerce and Trade has certified that the proposed incentives to be offered are appropriate based on the investment and job creation anticipated to be generated by the project and (ii) when required by § 30-310, the MEI Project Approval Commission has reviewed the proposed incentives.C\n\nAny contract or memorandum of understanding for the award of economic development incentives by the Commonwealth shall set forth the investment and job creation requirements for the payment of the incentive and shall include a stipulation that the business beneficiary of the incentives shall be liable for the repayment of all or a portion of the incentives to the Commonwealth if the business beneficiary fails to make the required investments or create the required number of jobs. For purposes of this section, an incentive awarded by the Commonwealth shall include an incentive awarded from a fund operated by the Commonwealth, including the Commonwealth’s Development Opportunity Fund. If it is determined that a business beneficiary is liable for the repayment of all or a portion of an economic development incentive awarded by the Commonwealth, the Board may refer the matter to the Office of the Attorney General pursuant to § 2.2-518. Prior to the referral to the Office of the Attorney General, the Board shall direct any political subdivision that is a party to the relevant contract or memorandum of understanding to assign its rights to the Commonwealth arising under such contract or memorandum of understanding in which the business beneficiary is liable to repay all or a portion of an economic development incentive awarded by the Commonwealth. In any such matter referred to the Office of the Attorney General, a business beneficiary liable to repay all or a portion of an economic development incentive awarded by the Commonwealth shall also be liable to pay interest, administrative charges, attorney fees, and other applicable fees.D\n\nNotwithstanding any other provision of law, approval of the Board shall be required to grant an extension for an approved project to meet the investment and job creation requirements set forth in the contract or memorandum of understanding. Notwithstanding any other provision of law, approval of both the Board and the MEI Project Approval Commission shall be required to grant any additional extensions.E\n\nThe Division of Incentives shall provide semiannual updates to the Board of the status and progress of investment and job creation requirements for all projects for which economic development incentives have been awarded, until such time as the investment and job creation requirements are met or the incentives are repaid to the Commonwealth. Updates shall be provided more frequently upon the request of the Board, or if deemed necessary by the Division of Incentives.F\n\nThe Board shall establish a subcommittee, consisting of ex officio members of the Board authorized pursuant to §§ 2.2-2040 and 60.2-114 and federal law to receive and review employment information received from the Virginia Employment Commission and the Department of Workforce Development and Advancement, in order to assist the Division of Incentives with the verification of employment and wage claims of those businesses that have received incentive awards. Such information shall be confidential and shall not be (i) redisclosed to other members of the Board or to the public in accordance with the provisions of subsection B of § 2.2-2040 and subdivision C 2 of § 60.2-114 or (ii) subject to disclosure under the Virginia Freedom of Information Act (§ 2.2-3700 et seq.).G\n\nFor purposes of this section, the award of economic development incentives by the Commonwealth shall include an award of funds from the Commonwealth’s Development Opportunity Fund, regardless of whether the contract or memorandum of understanding for the disbursement of funds is with the Commonwealth or a political subdivision thereof and the business beneficiary.","order_by":null,"text":{"0":{"id":211237,"text":"Within the Authority shall be created a Division of Incentives that shall be responsible for reviewing, vetting, tracking, and coordinating economic development incentives administered by or through the Authority and for aligning those incentives with economic development incentives offered by other entities in the Commonwealth.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":211238,"text":"No project that includes an offer of economic development incentives by the Commonwealth, including grants or loans from the Commonwealth’s Development Opportunity Fund, shall be approved by the Governor until (i) the Division of Incentives has undertaken appropriate due diligence regarding the proposed project and the Secretary of Commerce and Trade has certified that the proposed incentives to be offered are appropriate based on the investment and job creation anticipated to be generated by the project and (ii) when required by § 30-310, the MEI Project Approval Commission has reviewed the proposed incentives.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":211239,"text":"Any contract or memorandum of understanding for the award of economic development incentives by the Commonwealth shall set forth the investment and job creation requirements for the payment of the incentive and shall include a stipulation that the business beneficiary of the incentives shall be liable for the repayment of all or a portion of the incentives to the Commonwealth if the business beneficiary fails to make the required investments or create the required number of jobs. For purposes of this section, an incentive awarded by the Commonwealth shall include an incentive awarded from a fund operated by the Commonwealth, including the Commonwealth’s Development Opportunity Fund. If it is determined that a business beneficiary is liable for the repayment of all or a portion of an economic development incentive awarded by the Commonwealth, the Board may refer the matter to the Office of the Attorney General pursuant to § 2.2-518. Prior to the referral to the Office of the Attorney General, the Board shall direct any political subdivision that is a party to the relevant contract or memorandum of understanding to assign its rights to the Commonwealth arising under such contract or memorandum of understanding in which the business beneficiary is liable to repay all or a portion of an economic development incentive awarded by the Commonwealth. In any such matter referred to the Office of the Attorney General, a business beneficiary liable to repay all or a portion of an economic development incentive awarded by the Commonwealth shall also be liable to pay interest, administrative charges, attorney fees, and other applicable fees.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":211240,"text":"Notwithstanding any other provision of law, approval of the Board shall be required to grant an extension for an approved project to meet the investment and job creation requirements set forth in the contract or memorandum of understanding. Notwithstanding any other provision of law, approval of both the Board and the MEI Project Approval Commission shall be required to grant any additional extensions.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":211241,"text":"The Division of Incentives shall provide semiannual updates to the Board of the status and progress of investment and job creation requirements for all projects for which economic development incentives have been awarded, until such time as the investment and job creation requirements are met or the incentives are repaid to the Commonwealth. Updates shall be provided more frequently upon the request of the Board, or if deemed necessary by the Division of Incentives.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":211242,"text":"The Board shall establish a subcommittee, consisting of ex officio members of the Board authorized pursuant to §§ 2.2-2040 and 60.2-114 and federal law to receive and review employment information received from the Virginia Employment Commission and the Department of Workforce Development and Advancement, in order to assist the Division of Incentives with the verification of employment and wage claims of those businesses that have received incentive awards. Such information shall be confidential and shall not be (i) redisclosed to other members of the Board or to the public in accordance with the provisions of subsection B of § 2.2-2040 and subdivision C 2 of § 60.2-114 or (ii) subject to disclosure under the Virginia Freedom of Information Act (§ 2.2-3700 et seq.).","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"6":{"id":211243,"text":"For purposes of this section, the award of economic development incentives by the Commonwealth shall include an award of funds from the Commonwealth’s Development Opportunity Fund, regardless of whether the contract or memorandum of understanding for the disbursement of funds is with the Commonwealth or a political subdivision thereof and the business beneficiary.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F"}},"ancestry":[{"id":14474,"edition_id":1,"name":"Virginia Economic Development Partnership Authority","identifier":"4","label":"article","depth":5,"order_by":1,"parent_id":13344,"metadata":{},"date_created":"2026-06-26 03:48:15","date_modified":"2026-06-26 03:48:15","permalink":{"id":174259,"object_type":"structure","relational_id":14474,"identifier":"4","token":"2.2\/I\/D\/22\/4","url":"\/2.2\/I\/D\/22\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13344,"edition_id":1,"name":"Authorities","identifier":"22","label":"chapter","depth":4,"order_by":1,"parent_id":12785,"metadata":{},"date_created":"2026-06-26 03:44:41","date_modified":"2026-06-26 03:44:41","permalink":{"id":173945,"object_type":"structure","relational_id":13344,"identifier":"22","token":"2.2\/I\/D\/22","url":"\/2.2\/I\/D\/22\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12785,"edition_id":1,"name":"State Authorities, Boards, Commissions, Councils, Foundations and Other Collegial Bodies","identifier":"D","label":"part","depth":3,"order_by":1,"parent_id":12784,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":173913,"object_type":"structure","relational_id":12785,"identifier":"D","token":"2.2\/I\/D","url":"\/2.2\/I\/D\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12784,"edition_id":1,"name":"Organization of State Government","identifier":"I","label":"subtitle","depth":2,"order_by":1,"parent_id":12749,"metadata":{},"date_created":"2026-06-26 03:43:53","date_modified":"2026-06-26 03:43:53","permalink":{"id":171455,"object_type":"structure","relational_id":12784,"identifier":"I","token":"2.2\/I","url":"\/2.2\/I\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12749,"edition_id":1,"name":"Administration of Government","identifier":"2.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":171453,"object_type":"structure","relational_id":12749,"identifier":"2.2","token":"2.2","url":"\/2.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":71466,"structure_id":14474,"section_number":"2.2-2234","catch_line":"Short title; declaration of public purpose; Authority created","url":"\/2.2-2234\/","token":"2.2\/I\/D\/22\/4\/2.2-2234","metadata":false},{"id":82244,"structure_id":14474,"section_number":"2.2-2235","catch_line":"Repealed","url":"\/2.2-2235\/","token":"2.2\/I\/D\/22\/4\/2.2-2235","metadata":false},{"id":57763,"structure_id":14474,"section_number":"2.2-2235.1","catch_line":"Board of directors; members and officers; Chief Executive Officer","url":"\/2.2-2235.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2235.1","metadata":false},{"id":76103,"structure_id":14474,"section_number":"2.2-2236","catch_line":"Powers and duties of the Chief Executive Officer","url":"\/2.2-2236\/","token":"2.2\/I\/D\/22\/4\/2.2-2236","metadata":false},{"id":59928,"structure_id":14474,"section_number":"2.2-2236.1","catch_line":"Internal auditor; duties","url":"\/2.2-2236.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2236.1","metadata":false},{"id":82287,"structure_id":14474,"section_number":"2.2-2237","catch_line":"Powers of Authority","url":"\/2.2-2237\/","token":"2.2\/I\/D\/22\/4\/2.2-2237","metadata":false},{"id":74531,"structure_id":14474,"section_number":"2.2-2237.1","catch_line":"Board of directors to develop strategic plan for economic development; marketing plan; operational plan; submission","url":"\/2.2-2237.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2237.1","metadata":false},{"id":55858,"structure_id":14474,"section_number":"2.2-2237.2","catch_line":"Office of the Attorney General to provide instruction to Board","url":"\/2.2-2237.2\/","token":"2.2\/I\/D\/22\/4\/2.2-2237.2","metadata":false},{"id":57659,"structure_id":14474,"section_number":"2.2-2237.3","catch_line":"Division of Incentives","url":"\/2.2-2237.3\/","token":"2.2\/I\/D\/22\/4\/2.2-2237.3","metadata":false},{"id":80575,"structure_id":14474,"section_number":"2.2-2238","catch_line":"Economic development services","url":"\/2.2-2238\/","token":"2.2\/I\/D\/22\/4\/2.2-2238","metadata":false},{"id":59231,"structure_id":14474,"section_number":"2.2-2238.1","catch_line":"Repealed","url":"\/2.2-2238.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2238.1","metadata":false},{"id":68142,"structure_id":14474,"section_number":"2.2-2239","catch_line":"Planning and research","url":"\/2.2-2239\/","token":"2.2\/I\/D\/22\/4\/2.2-2239","metadata":false},{"id":81200,"structure_id":14474,"section_number":"2.2-2239.1","catch_line":"Advisory Committee on Business Development and Marketing","url":"\/2.2-2239.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2239.1","metadata":false},{"id":85170,"structure_id":14474,"section_number":"2.2-2239.2","catch_line":"Advisory Committee on International Trade","url":"\/2.2-2239.2\/","token":"2.2\/I\/D\/22\/4\/2.2-2239.2","metadata":false},{"id":73328,"structure_id":14474,"section_number":"2.2-2240","catch_line":"Nonstock corporation to assist economic development","url":"\/2.2-2240\/","token":"2.2\/I\/D\/22\/4\/2.2-2240","metadata":false},{"id":58846,"structure_id":14474,"section_number":"2.2-2240.1","catch_line":"Grants paid to the Authority to promote research, development, and commercialization of products","url":"\/2.2-2240.1\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.1","metadata":false},{"id":84186,"structure_id":14474,"section_number":"2.2-2240.2","catch_line":"Repealed","url":"\/2.2-2240.2\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.2","metadata":false},{"id":61025,"structure_id":14474,"section_number":"2.2-2240.2:1","catch_line":"Virginia Business Ready Sites Program Fund","url":"\/2.2-2240.2_1\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.2_1","metadata":false},{"id":67862,"structure_id":14474,"section_number":"2.2-2240.2:2","catch_line":"(Expires June 30, 2028) Virginia Business Ready Expedited Permitting Program","url":"\/2.2-2240.2_2\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.2_2","metadata":false},{"id":70905,"structure_id":14474,"section_number":"2.2-2240.3","catch_line":"Definitions; Virginia Jobs Investment Program and Fund; composition; general qualifications","url":"\/2.2-2240.3\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.3","metadata":false},{"id":60629,"structure_id":14474,"section_number":"2.2-2240.4","catch_line":"Virginia New Jobs Program","url":"\/2.2-2240.4\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.4","metadata":false},{"id":76902,"structure_id":14474,"section_number":"2.2-2240.5","catch_line":"Workforce Retraining Program","url":"\/2.2-2240.5\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.5","metadata":false},{"id":76617,"structure_id":14474,"section_number":"2.2-2240.6","catch_line":"Small Business New Jobs and Retraining Programs","url":"\/2.2-2240.6\/","token":"2.2\/I\/D\/22\/4\/2.2-2240.6","metadata":false},{"id":68073,"structure_id":14474,"section_number":"2.2-2241","catch_line":"Moneys of Authority","url":"\/2.2-2241\/","token":"2.2\/I\/D\/22\/4\/2.2-2241","metadata":false},{"id":67421,"structure_id":14474,"section_number":"2.2-2242","catch_line":"Forms of accounts and records","url":"\/2.2-2242\/","token":"2.2\/I\/D\/22\/4\/2.2-2242","metadata":false},{"id":57058,"structure_id":14474,"section_number":"2.2-2243","catch_line":"Exemptions from taxes or assessments","url":"\/2.2-2243\/","token":"2.2\/I\/D\/22\/4\/2.2-2243","metadata":false},{"id":65043,"structure_id":14474,"section_number":"2.2-2244","catch_line":"Exemption of Authority from personnel and procurement procedures; adoption of procurement policies","url":"\/2.2-2244\/","token":"2.2\/I\/D\/22\/4\/2.2-2244","metadata":false},{"id":78223,"structure_id":14474,"section_number":"2.2-2245","catch_line":"Appropriations by any government","url":"\/2.2-2245\/","token":"2.2\/I\/D\/22\/4\/2.2-2245","metadata":false},{"id":80171,"structure_id":14474,"section_number":"2.2-2246","catch_line":"Conveyance, lease or transfer of property by a city or county to the Authority","url":"\/2.2-2246\/","token":"2.2\/I\/D\/22\/4\/2.2-2246","metadata":false}],"previous_section":{"id":55858,"structure_id":14474,"section_number":"2.2-2237.2","catch_line":"Office of the Attorney General to provide instruction to Board","url":"\/2.2-2237.2\/","token":"2.2\/I\/D\/22\/4\/2.2-2237.2","metadata":false},"next_section":{"id":80575,"structure_id":14474,"section_number":"2.2-2238","catch_line":"Economic development services","url":"\/2.2-2238\/","token":"2.2\/I\/D\/22\/4\/2.2-2238","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/2.2-2237.3\/","history_text":"

This law was first created in 2017. The record of its establishment is cataloged in chapters 804<\/a> and 824<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2018, chapter 829<\/a>; in 2020, chapter 591<\/a>; in 2023, chapters 624<\/a> and 625<\/a>.<\/p>","references":[{"id":72789,"section_number":"2.2-3711","catch_line":"(Effective July 1, 2026) Closed meetings authorized for certain limited purposes","order_by":null,"url":"\/2.2-3711\/"}],"refers_to":[{"id":70136,"section_number":"2.2-2040","catch_line":"Records and reports","order_by":null,"url":"\/2.2-2040\/"},{"id":55569,"section_number":"2.2-3700","catch_line":"Short title; policy","order_by":null,"url":"\/2.2-3700\/"},{"id":57579,"section_number":"2.2-518","catch_line":"Division of Debt Collection","order_by":null,"url":"\/2.2-518\/"},{"id":77955,"section_number":"30-310","catch_line":"Review of incentive packages","order_by":null,"url":"\/30-310\/"},{"id":56997,"section_number":"60.2-114","catch_line":"Records and reports","order_by":null,"url":"\/60.2-114\/"}],"permalink":{"id":174293,"object_type":"law","relational_id":57659,"identifier":"2.2-2237.3","token":"2.2\/I\/D\/22\/4\/2.2-2237.3","url":"\/2.2-2237.3\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/2.2-2237.3\/","token":"2.2\/I\/D\/22\/4\/2.2-2237.3","dublin_core":{"Title":"Division of Incentives","Type":"Text","Format":"text\/html","Identifier":"\u00a7 2.2-2237.3","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Within the Authority<\/span> shall be created a Division of Incentives that shall be responsible for reviewing, vetting, tracking, and coordinating economic development incentives administered by or through the Authority<\/span> and for aligning those incentives with economic development incentives offered by other entities in the Commonwealth<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> No project that includes an offer of economic development incentives by the Commonwealth<\/span>, including grants or loans from the Commonwealth<\/span>’s Development Opportunity Fund, shall be approved by the Governor until (i) the Division of Incentives has undertaken appropriate due diligence regarding the proposed project and the Secretary of Commerce and Trade has certified that the proposed incentives to be offered are appropriate based on the investment and job creation anticipated to be generated by the project and (ii) when required by § 30-310<\/a>, the MEI Project Approval Commission has reviewed the proposed incentives. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any contract<\/span> or memorandum<\/span> of understanding for the award of economic development incentives by the Commonwealth<\/span> shall set forth the investment and job creation requirements for the payment of the incentive and shall include a stipulation<\/span> that the business beneficiary of the incentives shall be liable for the repayment of all or a portion of the incentives to the Commonwealth<\/span> if the business beneficiary fails to make the required investments or create the required number of jobs. For purposes of this section, an incentive awarded by the Commonwealth<\/span> shall include an incentive awarded from a fund operated by the Commonwealth<\/span>, including the Commonwealth<\/span>’s Development Opportunity Fund. If it is determined that a business beneficiary is liable for the repayment of all or a portion of an economic development incentive awarded by the Commonwealth<\/span>, the Board<\/span> may refer the matter to the Office of the Attorney General<\/span> pursuant to § 2.2-518<\/a>. Prior to the referral to the Office of the Attorney General<\/span>, the Board<\/span> shall direct any political subdivision that is a party<\/span> to the relevant contract<\/span> or memorandum<\/span> of understanding to assign its rights to the Commonwealth<\/span> arising under such contract<\/span> or memorandum<\/span> of understanding in which the business beneficiary is liable to repay all or a portion of an economic development incentive awarded by the Commonwealth<\/span>. In any such matter referred to the Office of the Attorney General<\/span>, a business beneficiary liable to repay all or a portion of an economic development incentive awarded by the Commonwealth<\/span> shall also be liable to pay interest, administrative charges, attorney fees, and other applicable fees. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Notwithstanding any other provision of law<\/span>, approval of the Board<\/span> shall be required to grant an extension for an approved project to meet the investment and job creation requirements set forth in the contract<\/span> or memorandum<\/span> of understanding. Notwithstanding any other provision of law<\/span>, approval of both the Board<\/span> and the MEI Project Approval Commission shall be required to grant any additional extensions. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The Division of Incentives shall provide semiannual updates to the Board<\/span> of the status and progress of investment and job creation requirements for all projects for which economic development incentives have been awarded, until such time as the investment and job creation requirements are met or the incentives are repaid to the Commonwealth<\/span>. Updates shall be provided more frequently upon the request of the Board<\/span>, or if deemed necessary by the Division of Incentives. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The Board<\/span> shall establish a subcommittee, consisting of ex officio members of the Board<\/span> authorized pursuant to §§ 2.2-2040<\/a> and 60.2-114<\/a> and federal law<\/span> to receive and review employment information received from the Virginia Employment Commission and the Department of Workforce Development and Advancement, in order<\/span> to assist the Division of Incentives with the verification of employment and wage claims of those businesses that have received incentive awards. Such information shall be confidential and shall not be (i) redisclosed to other members of the Board<\/span> or to the public in accordance with the provisions of subsection B of § 2.2-2040<\/a> and subdivision C 2 of § 60.2-114<\/a> or (ii) subject to disclosure under the Virginia Freedom of Information Act (§ 2.2-3700<\/a> et seq.). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> For purposes of this section, the award of economic development incentives by the Commonwealth<\/span> shall include an award of funds from the Commonwealth<\/span>’s Development Opportunity Fund, regardless of whether the contract<\/span> or memorandum<\/span> of understanding for the disbursement of funds is with the Commonwealth<\/span> or a political subdivision thereof and the business beneficiary. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDIVISION OF INCENTIVES (\u00a7 2.2-2237.3)\n\nA. Within the Authority shall be created a Division of Incentives that shall be\nresponsible for reviewing, vetting, tracking, and coordinating economic\ndevelopment incentives administered by or through the Authority and for aligning\nthose incentives with economic development incentives offered by other entities\nin the Commonwealth.\n\nB. No project that includes an offer of economic development incentives by the\nCommonwealth, including grants or loans from the Commonwealth’s\nDevelopment Opportunity Fund, shall be approved by the Governor until (i) the\nDivision of Incentives has undertaken appropriate due diligence regarding the\nproposed project and the Secretary of Commerce and Trade has certified that the\nproposed incentives to be offered are appropriate based on the investment and\njob creation anticipated to be generated by the project and (ii) when required\nby § 30-310, the MEI Project Approval Commission has reviewed the proposed\nincentives.\n\nC. Any contract or memorandum of understanding for the award of economic\ndevelopment incentives by the Commonwealth shall set forth the investment and\njob creation requirements for the payment of the incentive and shall include a\nstipulation that the business beneficiary of the incentives shall be liable for\nthe repayment of all or a portion of the incentives to the Commonwealth if the\nbusiness beneficiary fails to make the required investments or create the\nrequired number of jobs. For purposes of this section, an incentive awarded by\nthe Commonwealth shall include an incentive awarded from a fund operated by the\nCommonwealth, including the Commonwealth’s Development Opportunity Fund.\nIf it is determined that a business beneficiary is liable for the repayment of\nall or a portion of an economic development incentive awarded by the\nCommonwealth, the Board may refer the matter to the Office of the Attorney\nGeneral pursuant to § 2.2-518. Prior to the referral to the Office of the\nAttorney General, the Board shall direct any political subdivision that is a\nparty to the relevant contract or memorandum of understanding to assign its\nrights to the Commonwealth arising under such contract or memorandum of\nunderstanding in which the business beneficiary is liable to repay all or a\nportion of an economic development incentive awarded by the Commonwealth. In any\nsuch matter referred to the Office of the Attorney General, a business\nbeneficiary liable to repay all or a portion of an economic development\nincentive awarded by the Commonwealth shall also be liable to pay interest,\nadministrative charges, attorney fees, and other applicable fees.\n\nD. Notwithstanding any other provision of law, approval of the Board shall be\nrequired to grant an extension for an approved project to meet the investment\nand job creation requirements set forth in the contract or memorandum of\nunderstanding. Notwithstanding any other provision of law, approval of both the\nBoard and the MEI Project Approval Commission shall be required to grant any\nadditional extensions.\n\nE. The Division of Incentives shall provide semiannual updates to the Board of\nthe status and progress of investment and job creation requirements for all\nprojects for which economic development incentives have been awarded, until such\ntime as the investment and job creation requirements are met or the incentives\nare repaid to the Commonwealth. Updates shall be provided more frequently upon\nthe request of the Board, or if deemed necessary by the Division of Incentives.\n\nF. The Board shall establish a subcommittee, consisting of ex officio members of\nthe Board authorized pursuant to §§ 2.2-2040 and 60.2-114 and federal\nlaw to receive and review employment information received from the Virginia\nEmployment Commission and the Department of Workforce Development and\nAdvancement, in order to assist the Division of Incentives with the verification\nof employment and wage claims of those businesses that have received incentive\nawards. Such information shall be confidential and shall not be (i) redisclosed\nto other members of the Board or to the public in accordance with the provisions\nof subsection B of § 2.2-2040 and subdivision C 2 of § 60.2-114 or\n(ii) subject to disclosure under the Virginia Freedom of Information Act (§\n2.2-3700 et seq.).\n\nG. For purposes of this section, the award of economic development incentives by\nthe Commonwealth shall include an award of funds from the Commonwealth’s\nDevelopment Opportunity Fund, regardless of whether the contract or memorandum\nof understanding for the disbursement of funds is with the Commonwealth or a\npolitical subdivision thereof and the business beneficiary.\n\nHISTORY: 2017, cc. 804, 824; 2018, c. 829; 2020, c. 591; 2023, cc. 624, 625.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}