Fabio
130 lines
9.9 KiB
Markdown
130 lines
9.9 KiB
Markdown
---
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type: "Bill"
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title: "Virginia Growth and Opportunity Board; Virginia investment performance grants."
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description: "Virginia Growth and Opportunity Act; Virginia investment performance grants; Virginia economic development incentive grants. Reduces the local funding match requirement for GO Virginia grants from being equal to the grant amount to being at least equal to half of the grant amount until July 1, 2028. The bill adds the Secretary of Labor to the Virginia Growth and Opportunity Board. The bill also requires, for a Virginia investment performance grant award determination that includes a job creation requirement, an eligible manufacturer or research and development service to pay an average wage, excluding fringe benefits, that is no less than the prevailing average wage for such new jobs. Under the bill, beginning July 1, 2024, (i) the aggregate amount of Virginia investment performance grants payable to all grant recipients in any fiscal year shall not exceed $7 million and (ii) grants shall be payable in amounts up to $5 million per eligible manufacturer or research and development service in five equal, annual installments of up to $1 million, beginning in the first year after verification of capital investment and pledged employment. The bill also provides that eligible companies shall be eligible to receive Virginia economic development incentive grants in the first year after verification that requirements applicable to such grant are satisfied. The bill contains an enactment clause clarifying that no existing agreement entered into prior to the effective date of the bill shall be impacted by the bill."
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jurisdiction: "us/states/va"
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legislature: "Virginia General Assembly"
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session: "2024"
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identifier: "SB 496"
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citation: "Virginia SB 496 (2024)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: ["Jennifer D. Carroll Foy"]
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version_count: 6
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action_count: 57
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vote_count: 12
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first_action: "2024-01-09"
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last_action: "2024-04-08"
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source: "openstates"
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source_identifier: "ocd-bill/f95728c0-a237-46b4-be21-8e373e5884a2"
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source_url: "https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+SB496"
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source_hash: "304d898f9f6db7680c002ddd04117cd78c925da69a41113d35238813071c5112"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-va"]
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---
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# Virginia SB 496 (2024) — Virginia Growth and Opportunity Board; Virginia investment performance grants.
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Virginia Growth and Opportunity Act; Virginia investment performance grants; Virginia economic development incentive grants. Reduces the local funding match requirement for GO Virginia grants from being equal to the grant amount to being at least equal to half of the grant amount until July 1, 2028. The bill adds the Secretary of Labor to the Virginia Growth and Opportunity Board. The bill also requires, for a Virginia investment performance grant award determination that includes a job creation requirement, an eligible manufacturer or research and development service to pay an average wage, excluding fringe benefits, that is no less than the prevailing average wage for such new jobs. Under the bill, beginning July 1, 2024, (i) the aggregate amount of Virginia investment performance grants payable to all grant recipients in any fiscal year shall not exceed $7 million and (ii) grants shall be payable in amounts up to $5 million per eligible manufacturer or research and development service in five equal, annual installments of up to $1 million, beginning in the first year after verification of capital investment and pledged employment. The bill also provides that eligible companies shall be eligible to receive Virginia economic development incentive grants in the first year after verification that requirements applicable to such grant are satisfied. The bill contains an enactment clause clarifying that no existing agreement entered into prior to the effective date of the bill shall be impacted by the bill.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **CHAP0624** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+CHAP0624)
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2. **Committee substitute printed 24106988D-S1** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+SB496S1)
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3. **Committee substitute printed 24107890D-H1** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+SB496H1)
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4. **Conference substitute printed 24109093D-S2** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+SB496S2)
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5. **SB496ER** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+SB496ER)
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6. **SB496ES1** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+SB496ES1)
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## Votes
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- VOTE: Passage (84-Y 11-N) — **83–11** (pass) · lower
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- Reported from General Laws and Technology with substitute (15-Y 0-N) — **15–0** (pass) · upper
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- Subcommittee recommends reporting with substitute (6-Y 0-N) — **6–0** (pass) · lower
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- Conference report agreed to by Senate (39-Y 1-N) — **39–1** (pass) · upper
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- Reported from General Laws with substitute (22-Y 0-N) — **22–0** (pass) · lower
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- Passed Senate (40-Y 0-N) — **40–0** (pass) · upper
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- Constitutional reading dispensed (39-Y 0-N) — **39–0** (pass) · upper
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- VOTE: Adoption (86-Y 10-N) — **85–10** (pass) · lower
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- Reported from Finance and Appropriations with amendment (15-Y 0-N) — **15–0** (pass) · upper
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- House substitute rejected by Senate (0-Y 40-N) — **0–40** (fail) · upper
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- Constitutional reading dispensed (40-Y 0-N) — **40–0** (pass) · upper
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- Senate acceded to request (40-Y 0-N) — **40–0** (pass) · upper
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## Sponsors
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- Jennifer D. Carroll Foy — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2024-01-09** Prefiled and ordered printed; offered 01/10/24 24104367D `filing, introduction`
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- **2024-01-09** Referred to Committee on General Laws and Technology `referral-committee`
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- **2024-02-07** Senate committee, floor amendments and substitutes offered
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- **2024-02-07** Reported from General Laws and Technology with substitute (15-Y 0-N) `committee-passage`
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- **2024-02-07** Committee substitute printed 24106988D-S1 `substitution`
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- **2024-02-07** Rereferred to Finance and Appropriations `referral-committee`
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- **2024-02-12** Reported from Finance and Appropriations with amendment (15-Y 0-N) `committee-passage`
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- **2024-02-12** Constitutional reading dispensed (40-Y 0-N)
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- **2024-02-13** Read second time `reading-2`
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- **2024-02-13** Reading of substitute waived
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- **2024-02-13** Committee substitute agreed to 24106988D-S1 `substitution`
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- **2024-02-13** Reading of amendment waived
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- **2024-02-13** Committee amendment agreed to `amendment-passage`
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- **2024-02-13** Engrossed by Senate - committee substitute with amendment SB496ES1 `substitution`
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- **2024-02-13** Printed as engrossed 24106988D-ES1
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- **2024-02-13** Constitutional reading dispensed (39-Y 0-N)
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- **2024-02-13** Passed Senate (40-Y 0-N) `passage`
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- **2024-02-13** Impact statement from DPB (SB496S1)
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- **2024-02-15** Impact statement from DPB (SB496ES1)
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- **2024-02-16** Placed on Calendar
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- **2024-02-16** Read first time `reading-1`
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- **2024-02-16** Referred to Committee on General Laws `referral-committee`
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- **2024-02-19** Assigned GL sub: Professions/Occupations and Administrative Process `referral-committee`
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- **2024-02-22** House subcommittee amendments and substitutes offered
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- **2024-02-22** Subcommittee recommends reporting with substitute (6-Y 0-N) `substitution`
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- **2024-02-27** Reported from General Laws with substitute (22-Y 0-N) `committee-passage`
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- **2024-02-27** Committee substitute printed 24107890D-H1 `substitution`
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- **2024-02-29** Read second time `reading-2`
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- **2024-03-01** Impact statement from DPB (SB496H1)
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- **2024-03-01** Read third time `reading-3`
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- **2024-03-01** Committee substitute agreed to 24107890D-H1 `substitution`
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- **2024-03-01** Engrossed by House - committee substitute SB496H1 `substitution`
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- **2024-03-01** Passed House with substitute (84-Y 11-N) `passage`
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- **2024-03-01** VOTE: Passage (84-Y 11-N) `passage`
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- **2024-03-04** Passed by for the day
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- **2024-03-05** House substitute rejected by Senate (0-Y 40-N)
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- **2024-03-06** House insisted on substitute `substitution`
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- **2024-03-06** House requested conference committee `referral-committee`
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- **2024-03-07** Senate acceded to request (40-Y 0-N)
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- **2024-03-07** Conferees appointed by Senate
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- **2024-03-07** Senators: Carroll Foy, McPike, French
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- **2024-03-07** Conferees appointed by House
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- **2024-03-07** Delegates: Bennett-Parker, Thomas, Arnold
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- **2024-03-08** Amended by conference committee
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- **2024-03-08** Conference substitute printed 24109093D-S2
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- **2024-03-08** Conference report agreed to by Senate (39-Y 1-N) `committee-passage-favorable`
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- **2024-03-08** Conference report agreed to by House (86-Y 10-N) `committee-passage-favorable`
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- **2024-03-08** VOTE: Adoption (86-Y 10-N)
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- **2024-03-25** Enrolled `enrolled`
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- **2024-03-25** Bill text as passed Senate and House (SB496ER) `passage`
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- **2024-03-25** Signed by President `passage`
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- **2024-03-26** Signed by Speaker `passage`
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- **2024-03-27** Enrolled Bill Communicated to Governor on March 27, 2024 `enrolled`
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- **2024-03-27** Governor's Action Deadline 11:59 p.m., April 8, 2024 `executive-receipt`
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- **2024-03-31** Impact statement from DPB (SB496ER)
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- **2024-04-08** Approved by Governor-Chapter 624 (effective 7/1/24 - see bill) `executive-signature`
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- **2024-04-08** Acts of Assembly Chapter text (CHAP0624)
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/f95728c0-a237-46b4-be21-8e373e5884a2`. Confidence: reported (aggregated from official Virginia legislature records).
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