WEYERS CAVE, VA ̶ Del. R. Steven Landes, R-Weyers Cave, has announced Governor McAuliffe’s approval of three of the economic development bills he sponsored in the 2017 General Assembly session. House Bills 1968, 1969 and 1970 will all become law effective July 1, 2017.
“Job creation and economic growth remain a top priority for Virginians and these bills will help foster both,” said Landes. “Small businesses are the backbone of our economy and I am confident House Bills 1968 and 1969, which will help small businesses seeking grant funding, will help businesses in the 25th District and across the Commonwealth seeking funding for growth and expansion. Additionally, House Bill 1970 will provide counties with the authority to create economic revitalization zones. Counties will now have the ability, which cities currently have, to provide incentives to private entities to purchase real property and interests in real property to assemble parcels suitable for economic development.”
Economic development has been and continues to be a top priority for Landes. The bills approved by Governor McAuliffe add to Landes’ legislative successes on economic development. Landes introduced House Bill 1970 at the request of Albemarle County officials seeking the ability to create economic revitalization zones. Summaries of these bills are listed below:
- House Bill 1968 Virginia Small Business Financing Authority; administration of Small Business Investment Grant Fund. Makes changes to the Small Business Investment Grant Fund to make it easier for investor applicants to qualify for grants and provide more benefits for investor applicants.
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House Bill 1969 Small Business Jobs Grant Fund Program. Reduces from 50 percent to 35 percent the minimum percentage of revenues that a small business must derive from out-of-state sources in order to be eligible for grants from the Small Business Jobs Grant Fund Program. The bill provides that to be eligible for assistance under the Program a company must make a new capital investment of at least $50,000. Finally, the bill changes the definition of small business for purposes of the Program from a company that has 250 or fewer employees to one that has 50 or fewer employees in its base year and average annual gross receipts of $3 million or less averaged over the previous 24-month period.
- House Bill 1970 Creation of economic revitalization zones in counties. Grants counties authority to create economic revitalization zones. The zones shall be for the purpose of providing incentives to private entities to purchase real property and interests in real property to assemble parcels suitable for economic development. Each county establishing an economic revitalization zone may grant incentives and provide regulatory flexibility. This authority currently exists for cities.
Landes represents the 25th House District, which includes parts of Albemarle, Augusta, and Rockingham Counties. Landes is currently serving his eleventh term in the Virginia House of Delegates. Visit SteveLandes.com for additional information.