30-310 - Review of incentive packages. - Virginia Statutes

§ 30-310. Review of incentive packages.

A. The Commission shall review individual incentive packages, including butnot limited to packages offering tax incentives, for economic developmentprojects (including but not limited to MEI projects) for which (i) one ormore of the incentives in the incentive package is not authorized undercurrent law or (ii) an amendment by the General Assembly is being sought toone or more currently existing incentives included as part of the incentivepackage. The Commission shall recommend approval or denial of such packagesto the General Assembly. Factors that shall be considered by the Commissionin its review shall include, but not be limited to (i) return on investment,(ii) the time frame for repayment of incentives to the Commonwealth, (iii)average wages of the jobs created by the prospective MEI project or othereconomic development project, (iv) the amount of capital investment that isrequired, and (v) the need for enhanced employment opportunities in theprospective location of the prospective MEI project or other economicdevelopment project.

B. An affirmative vote by three of the five members of the Commission fromthe House of Delegates and two of the three members of the Commission fromthe Senate shall be required to endorse any incentive package, including butnot limited to packages offering tax incentives, for economic developmentprojects (including but not limited to MEI projects) for which (i) one ormore of the incentives in the incentive package is not authorized undercurrent law or (ii) an amendment by the General Assembly is being sought toone or more currently existing incentives included as part of the incentivepackage.

(2009, cc. 246, 311; 2010, cc. 543, 716.)