                                 CODE OF VIRGINIA

COMMISSION REPORT TO GENERAL ASSEMBLY (§ 30-312)

The chairman of the Commission shall report annually by the first day of each
General Assembly Regular Session on all endorsed incentive packages for which an
offer has been made and publicly announced. Staff identified in § 30-311 shall
assist the commission in preparing such report, which shall contain the
following information: (i) the industrial sector of the MEI project or other
economic development project, (ii) known competitor states, (iii) employment
creation and capital investment expectations, (iv) anticipated average annual
wage of the new jobs, (v) local and state returns on investment as prepared by
the Virginia Economic Development Partnership Authority, (vi) expected time
frame for repayment of the incentives to the Commonwealth in the form of direct
and indirect general tax revenues, (vii) details of the proposed incentive
package, including the breakdown of the components into various uses and an
expected timeline for payments, and (viii) draft legislation or amendments to
the Appropriation Act that propose financing for the endorsed incentive package
through the Virginia Public Building Authority or any other proposed funding or
financing mechanisms.
		To assist in the preparation of the report, the draft legislation or
amendments referred to in clause (viii) shall be submitted to the staffs of the
House Committee on Appropriations and the Senate Committee on Finance and
Appropriations no later than December 15 each year.

HISTORY: 2009, cc. 246, 311; 2010, cc. 543, 716; 2018, c. 735; 2020, c. 830;
2023, c. 528.