2007 Session

Budget Amendments - HB1650 (Conference Report)

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Review of Incentives Offered (language only)

Item 119 #1c

Item 119 #1c

Commerce And Trade
Virginia Economic Development Partnership

Page 114, after line 32, insert:
"T.  The Virginia Economic Development Partnership shall conduct a review of past economic arrangements made by the Commonwealth with Virginia-headquartered insurance companies.  The objective of the review is to evaluate whether any arrangements made in such agreements have accomplished their intended purposes.  The review may include recommendations to the chairmen of the House Appropriations and Senate Finance Committees for additional steps the Commonwealth may take to further the economic development goals underlying those arrangements.  All other agencies, boards and commissions of the Commonwealth are requested to provide technical assistance, as required, to the Partnership in this review.  The review shall be completed and submitted to the chairmen of the House Appropriations and Senate Finance Committees, or their designees from their respective committees, by December 1, 2007."

(This amendment directs the Virginia Economic Development Partnership to provide the money committee chairmen with a review of economic arrangements entered into by the Commonwealth to determine the extent to which commitments made by such insurance firms headquartered in the state and the Commonwealth have been met.)