Virginia 2024 Regular Session Status: In Committee

SB 693 — Residential land; prohibited acquisition, restrictions, civil penalty.

Last action — Continued to 2025 in Courts of Justice (15-Y 0-N)

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House of Delegates
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Prohibited acquisition of residential land;restrictions; civil penalty. Restricts any partnership, corporation,or real estate investment trust that manages funds pooled from investors,is a fiduciary to such investors, and has $50 million or more innet value or assets under management on any day during a taxableyear from acquiring any interest in residential land, as definedin the bill, in the Commonwealth and requires registration with the Secretary of the Commonwealth on or after July 1, 2024. The billrequires the Secretary to report annually by December 1 on the registrationsand any penalties assessed for failure to register and to submit such report to the Governor and the General Assembly. The bill alsorequires all real property tax bills to contain notice of such prohibitedbusiness ownership restrictions and registration requirements.

Bill Text

  • Presented and ordered printed 24105234D View text Current pdf January 19, 2024

Action History

  1. Continued to 2025 in Courts of Justice (15-Y 0-N)

  2. Senate committee, floor amendments and substitutes offered

  3. Impact statement from DPB (SB693)

  4. Referred to Committee for Courts of Justice

  5. Presented and ordered printed 24105234D

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 146 not signed on

Sponsors (1)

Co-sponsors (1)

Not signed on (146)

146 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Continued to 2025 in Courts of Justice (15-Y 0-N)

Passed 15 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 15000
Total 15000
% of votes cast 100%0%0%0%
How each member voted (15)
Member Party Vote
Carroll Foy, Jennifer D. — Yea
Emily M. Jordan — Yea
Jennifer B. Boysko — Yea
Lamont Bagby — Yea
Lashrecse D. Aird — Yea
Mark D. Obenshain — Yea
Mark J. Peake — Yea
R. Creigh Deeds — Yea
Richard H. Stuart — Yea
Russet Perry — Yea
Ryan T. McDougle — Yea
Saddam Azlan Salim — Yea
Scott A. Surovell — Yea
Subramanyam, Suhas — Yea
William M. Stanley, Jr. — Yea

Official roll call →

Subjects

taxation housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 693 do?
Prohibited acquisition of residential land;restrictions; civil penalty. Restricts any partnership, corporation,or real estate investment trust that manages funds pooled from investors,is a fiduciary to such investors, and has $50 million or more innet value or assets under management on any day during a taxableyear from acquiring any interest in residential land, as definedin the bill, in the Commonwealth and requires registration with the Secretary of the Commonwealth on or after July 1, 2024. The billrequires the Secretary to report annually by December 1 on the registrationsand any penalties assessed for failure to register and to submit such report to the Governor and the General Assembly. The bill alsorequires all real property tax bills to contain notice of such prohibitedbusiness ownership restrictions and registration requirements.
Who sponsors SB 693?
SB 693 is sponsored by Glen H. Sturtevant, Jr. and Scott A. Surovell.
What is the current status of SB 693?
This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 693?
Track SB 693 free on One Click Politics — get push/email alerts when it moves.

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