HB 405

Abstract

Business park electric transmission infrastructure pilot program; location of qualifying projects. Amends the definition of "business park" by adding that a business park may be established by a locality and by removing the requirement that a business park be located in an area of the Commonwealth designated as an opportunity zone by the U.S. Secretary of the Treasury via his delegation of authority to the Internal Revenue Service. The bill also removes the requirement that the location of a qualifying project for an existing pilot program to promote economic development in the Commonwealth by allowing Dominion Energy Virginia and Appalachian Power to complete the construction phase of electric transmission infrastructure for up to three business parks prior to the public announcement of a prospective occupant of the business parks be in an opportunity zone and provides that such a qualifying project may be within a business park in Planning District 19.

Business park electric transmission infrastructure pilot program; location of qualifying projects. Amends the definition of "business park" by adding that a business park may be established by a locality and by removing the requirement that a business park be located in an area of the Commonwealth designated as an opportunity zone by the U.S. Secretary of the Treasury via his delegation of authority to the Internal Revenue Service. The bill also the requirement that the location of a qualifying project for an existing pilot program to promote economic development in the Commonwealth by allowing Dominion Energy Virginia and Appalachian Power to complete the construction phase of electric transmission infrastructure for up to three business parks prior to the public announcement of a prospective occupant of the business parks be in an opportunity zone.

Business park electric transmission infrastructurepilot program; location of qualifying projects. Removes the requirementthat the location of a qualifying project for an existing pilot programto promote economic development in the Commonwealth by allowing DominionEnergy Virginia and Appalachian Power to complete the constructionphase of electric transmission infrastructure for up to three businessparks prior to the public announcement of a prospective occupantof the business parks be in an area of the Commonwealth designatedas an opportunity zone by the U.S. Secretary of the Treasury viahis delegation of authority to the Internal Revenue Service.