HB120
Virginia Beach Sports or Entertainment Project; extends expiration date of tax incentive, etc.
Summary
As Passed House of Origin. 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 ... (More) 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. (Less)-
Bill History
- 12/16/2019 - House: Prefiled and ordered printed; offered 01/08/20 20101271D
- 12/16/2019 - House: Referred to Committee on Finance
- 01/11/2020 - House: Impact statement from TAX (HB120)
- 01/29/2020 - House: Assigned Finance sub: Subcommittee #2
- 02/03/2020 - House: Subcommittee recommends reporting with substitute (6-Y 4-N)
- 02/05/2020 - House: Committee substitute printed 20105677D-H1
- 02/05/2020 - House: Reported from Finance with substitute (14-Y 7-N)
- 02/06/2020 - House: Read first time
- 02/07/2020 - House: Read second time
- 02/07/2020 - House: Committee substitute agreed to 20105677D-H1
- 02/07/2020 - House: Engrossed by House - committee substitute HB120H1
- 02/10/2020 - House: Read third time and defeated by House (44-Y 51-N)
- 02/10/2020 - House: VOTE:DEFEATED (44-Y 51-N) Close Floor Vote
- 02/10/2020 - House: Reconsideration of defeated action agreed to by House
- 02/10/2020 - House: Passed by for the day
- 02/11/2020 - House: Read third time and passed House (75-Y 24-N)
- 02/11/2020 - House: VOTE: Passage (75-Y 24-N)
- 02/12/2020 - Senate: Constitutional reading dispensed
- 02/12/2020 - Senate: Referred to Committee on Finance and Appropriations
- 02/25/2020 - Senate: Reported from Finance and Appropriations (15-Y 0-N 1-A)
- 02/26/2020 - Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/26/2020 - Senate: Read third time
- 02/26/2020 - Senate: Passed Senate (36-Y 2-N 2-A)
- 03/02/2020 - House: Enrolled
- 03/02/2020 - House: Bill text as passed House and Senate (HB120ER)
- 03/02/2020 - House: Signed by Speaker
- 03/03/2020 - Senate: Signed by President
- 03/06/2020 - House: Impact statement from TAX (HB120ER)
- 03/12/2020 - House: Enrolled Bill communicated to Governor on March 12, 2020
- 03/12/2020 - Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020
- 03/25/2020 - Governor: Approved by Governor-Chapter 467 (effective 7/1/20)
- 03/25/2020 - Governor: Acts of Assembly Chapter text (CHAP0467)
