HB 1033

Virginia Economic Development Partnership Authority; Division of Incentives; due diligence for major projects. Requires the due diligence review performed by the Division of Incentives at the Virginia Economic Development Partnership Authority for proposed economic development projects to include whether and to what extent the business involved has executed a labor peace agreement, as defined in the bill, with its employees if the project is a major one for which (i) incentives require a change to the law, (ii) incentives involve cash payments in excess of $3.5 million prior to any performance, or (iii) the aggregate amount of state incentives exceeds $10 million in value.