SB 720 — Virginia Regional Industrial Facilities Act; localities' revenue sharing agreements.

SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY ––-- 2022 SESSION CHAPTER E230 An Act to amend and reenact § 15.2-6407 of the Code of Virginia, relating to Virginia Regional N Industrial Facilities Act;

R [S 720] O Approved LApril L8, 2022 Be it enacted by the General Assembly of Virginia:

E§ A.15.2-6407.

NotwithstandingRevenue thesharing requirementsagreements. of Chapter 34 (§ 15.2-3400 et seq.) of this title, the member localities may agree to a revenue and economic growth-sharing arrangement with respect to tax revenues and other income and revenues generated by any facility owned by an authority or a facility owned by a non-authority utilized as part of a cooperative arrangement entered into by an authority promoting economic and workforce development.

SuchA. member localities may be located in any jurisdiction cooperation for economic and workforce development authorized by law.

TheNotwithstanding obligationsthe requirements of Chapter 34 (§ 15.2-3400 et seq.) of this title, the partiesmember localities may agree to anya suchrevenue agreementand shalleconomic notgrowth-sharing bearrangement construedwith respect to betax debtrevenues withinand theother meaningincome ofand Articlerevenues VII,generated SectSonby 10any facility owned by an authority or a facility owned by a non-authority utilized as part of a cooperative arrangement entered into by an authority promoting participating in the ConstitutionAppalachian ofRegion Virginia.Interstate Compact or a similar agreement for interstate cooperation for economic and workforce development authorized by law.

AnyThe suchobligations agreementof shallthe beparties approvedto byany asuch majorityagreement voteshall ofnot the7be governingconstrued bodiesto ofbe thedebt memberwithin localitiesthe reachingmeaning suchof anArticle agreementVII, butSection shall10 notof requirethe anyConstitution 0therof approval.Virginia.

RAny Departmentsuch ofagreement Taxation'sshall calculationbe ofapproved trueby valuesa asmajority appliedvote toof the Commonwealth'sgoverning compositebodies index of localthe ability-to-paymember shalllocalities takereaching intosuch account an agreement wherebybut ashall portionnot ofrequire realany propertyother taxapproval. revenue is initially paid to one locality and redistributed to another locality.

B.

With any such revenue and economic growth-sharing arrangement entered into by localities, the Department of Taxation's calculation of true values as applied to the Commonwealth's composite index of local ability-to-pay shall take into account an agreement whereby a portion of real property tax revenue is initially paid to one locality and redistributed to another locality.

Each participating locality shall include in reports to the Department of Taxation of its taxable real estate the apportioned Taxation shall collect annually, from each participating locality, the taxable real estate value used to determine and apportion the fair market value of the property adjustments upon which such revenue sharing is based.

The Department of Taxation shall collect annually, from each participating locality, the taxable real estate value used to determine and apportion the fair market value of the property adjustments upon which such revenue sharing is based.