                                 CODE OF VIRGINIA

MEI PROJECT APPROVAL COMMISSION; MEMBERSHIP; TERMS; COMPENSATION AND EXPENSES;
DEFINITION (§ 30-309)

A. The MEI Project Approval Commission (the Commission) is established as an
advisory commission in the legislative branch of state government. The purpose
of the Commission shall be to review financing for individual incentive
packages, including but not limited to packages offering tax incentives, for
economic development, film, and episodic television projects (including but not
limited to MEI projects) for which (i) one or more of the incentives in the
incentive package is not authorized under current law or an amendment by the
General Assembly is being sought to one or more currently existing incentives
included as part of the incentive package, (ii) one of the incentives being
sought includes a cash payment to a private sector business of more than $3.5
million from any fund prior to any performance metrics being met by the proposed
project, or (iii) the aggregate amount of incentives to be provided by the
Commonwealth in the incentive package including discretionary grants, general or
nongeneral funds, proceeds from bonds, rights to lease property at below fair
market value, or any other incentives from the Commonwealth is in excess of $10
million in value. Except for the value of any sales tax exemption available
pursuant to subdivision 18 of &#xA7; 58.1-609.3 or tax credit available pursuant
to &#xA7; 58.1-439.12:03, the value of any existing nondiscretionary incentives
shall not be considered in calculating whether the incentives are in excess of
$10 million in value, and no review shall be required for a project if the only
incentives to be provided to a potential project are nondiscretionary
incentives.

B. The Commission shall consist of 14 members as follows: seven members of the
House Committee on Appropriations or the House Committee on Finance appointed by
the chair of the House Committee on Appropriations and five members of the
Senate Committee on Finance and Appropriations appointed by the chair of the
Senate Committee on Finance and Appropriations. In addition, the Secretaries of
Finance and Commerce and Trade shall serve as ex officio, nonvoting members of
the Commission.

C. Members shall serve terms coincident with their terms of office. Vacancies
for unexpired terms shall be filled in the same manner as the original
appointments. Members may be reappointed for successive terms.

D. The members of the Commission shall elect a chairman and vice-chairman
annually. A majority of the voting members of the Commission shall constitute a
quorum. The meetings of the Commission shall be held at the call of the chairman
or whenever the majority of the members so request.

E. Legislative members of the Commission shall receive such compensation as
provided in &#xA7; 30-19.12, and nonlegislative members shall receive such
compensation as provided in &#xA7; 2.2-2813.

F. As used in this chapter, &#8220;MEI project&#8221; means the same as that
term is defined in &#xA7; 2.2-2260, and &#8220;nondiscretionary incentive&#8221;
means a tax credit, tax exemption, or grant to which a taxpayer or applicant is
entitled if he meets the statutory criteria required for the credit, exemption,
or grant.

HISTORY: 2009, cc. 246, 311; 2010, cc. 543, 716; 2015, c. 761; 2020, c. 830;
2023, c. 528.