Barry Knight
- Republican
- Delegate
- District 98
Primary
Virginia Beach Sports or Entertainment Project; extend expiration date of tax incentive; modify financing structure. Provides that the City of Virginia Beach's entitlement to state sales and use tax revenue attributable to a sports or entertainment project, which under current law will expire on July 1, 2039, shall expire on July 1 following the twentieth anniversary of the completion of construction of the sports and entertainment project. The bill authorizes the City of Virginia Beach to work with a community development authority established by the City to develop a sports or entertainment district, and authorizes it to use funds from the Sports or Entertainment Project Financing Fund to pay for debt maintenance costs of such authority.
Virginia Beach Sports or Entertainment Project;extend expiration date of tax incentive; modify financing structure.Provides that the City of Virginia Beach's entitlement to state salesand use tax revenue attributable to a sports or entertainment project,which under current law will expire on July 1, 2039, shall expireon July 1 following the twentieth anniversary of the completion ofconstruction of the sports and entertainment project. The bill authorizesthe City of Virginia Beach to work with a community development authorityestablished by the City to develop a sports or entertainment district,and authorizes it to use funds from the Sports or Entertainment ProjectFinancing Fund to pay for debt maintenance costs of such authority.
Approved by Governor-Chapter 467 (effective 7/1/20)
Governor's Action Deadline 11:59 p.m., April 11, 2020
Enrolled Bill communicated to Governor on March 12, 2020
Impact statement from TAX (HB120ER)
Signed by President
Enrolled
Signed by Speaker
Constitutional reading dispensed (38-Y 0-N)
Passed Senate (36-Y 2-N 2-A)
Read third time
Reported from Finance and Appropriations (15-Y 0-N 1-A)
Referred to Committee on Finance and Appropriations
Constitutional reading dispensed
Read third time and passed House (75-Y 24-N)
VOTE: Passage (75-Y 24-N)
Read third time and defeated by House (44-Y 51-N)
Passed by for the day
Reconsideration of defeated action agreed to by House
VOTE:DEFEATED (44-Y 51-N)
Read second time
Engrossed by House - committee substitute HB120H1
Committee substitute agreed to 20105677D-H1
Read first time
Reported from Finance with substitute (14-Y 7-N)
Committee substitute printed 20105677D-H1
Subcommittee recommends reporting with substitute (6-Y 4-N)
Assigned Finance sub: Subcommittee #2
Impact statement from TAX (HB120)
Referred to Committee on Finance
Prefiled and ordered printed; offered 01/08/20 20101271D
| Bill Text Versions | Format |
|---|---|
| Impact statement from TAX (HB120) | HTML |
| Engrossed by House - committee substitute HB120H1 | HTML |
| Bill text as passed House and Senate (HB120ER) | HTML |
| Acts of Assembly Chapter text (CHAP0467) | HTML |
| Document | Format |
|---|---|
| No related documents. |
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