                                 CODE OF VIRGINIA

PROPERTY INFORMATION AND ANALYTICS FIRMS (§ 58.1-422.4)

A. As used in this section:
			&#8220;Authority&#8221; means the Virginia Economic Development Partnership
Authority.
			&#8220;Eligible city&#8221; means the City of Richmond.
			&#8220;Memorandum of understanding&#8221; means a performance agreement or
related document entered into by a property information and analytics firm and
the Authority on or after December 1, 2021, but before August 1, 2022, that sets
forth the requirements for capital investments and the creation of new full-time
jobs by such property information and analytics firm.
			&#8220;Property information and analytics firm&#8221; means an entity and its
affiliated entities that as of January 1, 2022, is primarily a commercial real
estate information and analytics firm with a location in an eligible city and
that between January 1, 2022, and January 1, 2029, is expected to (i) make or
cause to be made a capital investment in an eligible city of at least $414.45
million and (ii) create at least 1,785 new jobs with average annual wages of at
least $85,000 per job.

B. 1. For taxable years beginning on or after January 1, 2022, but before
January 1, 2029, a property information and analytics firm shall be subject to
the provisions of subdivision B 2 of § 58.1-416 only if the Authority certifies
to the Department that it has at least 1,000 full-time employees as of January
1, 2022, in an eligible city, subject to the terms and conditions of the
memorandum of understanding.

   2. For taxable years beginning on or after January 1, 2029, a property
   information and analytics firm shall be subject to the provisions of
   subdivision B 2 of &#xA7; 58.1-416 only if the Authority certifies to the
   Department that it has at least 2,785 full-time employees as of January 1,
   2029, in an eligible city, and from January 1, 2022, through December 31,
   2028, has made or caused to be made a capital investment for its facilities in
   that eligible city of at least $414.45 million. Once the Authority certifies a
   property information and analytics firm has met the job and capital investment
   requirements set forth in this subdivision, no additional certifications shall
   be required and the property information and analytics firm shall continue to
   be subject to the provisions of subdivision B 2 of &#xA7; 58.1-416 in all
   future taxable years.

C. The General Assembly finds that the growth of property information and
analytics firms, including the capital investment and new jobs spurred by such
growth, is essential to the continued fiscal health of the Commonwealth.
Accordingly, the provisions of subsections A and B relating to capital
investment and new jobs are integral to the purpose of this section. If any
provision of this section is for any reason held to be invalid or
unconstitutional by the decision of a court of competent jurisdiction, that
provision shall not be deemed severable.

HISTORY: 2022, cc. 256, 257.