Section 58.1-422.4 - Property information and analytics firmsA. As used in this section: "Authority" means the Virginia Economic Development Partnership Authority.
"Eligible city" means the City of Richmond.
"Memorandum of understanding" means a performance agreement or related document entered into by a property information and analytics firm and the Authority on or after December 1, 2021, but before August 1, 2022, that sets forth the requirements for capital investments and the creation of new full-time jobs by such property information and analytics firm.
"Property information and analytics firm" means an entity and its affiliated entities that as of January 1, 2022, is primarily a commercial real estate information and analytics firm with a location in an eligible city and that between January 1, 2022, and January 1, 2029, is expected to (i) make or cause to be made a capital investment in an eligible city of at least $414.45 million and (ii) create at least 1,785 new jobs with average annual wages of at least $85,000 per job.
B.1. For taxable years beginning on or after January 1, 2022, but before January 1, 2029, a property information and analytics firm shall be subject to the provisions of subdivision B 2 of § 58.1-416 only if the Authority certifies to the Department that it has at least 1,000 full-time employees as of January 1, 2022, in an eligible city, subject to the terms and conditions of the memorandum of understanding.2. For taxable years beginning on or after January 1, 2029, a property information and analytics firm shall be subject to the provisions of subdivision B 2 of § 58.1-416 only if the Authority certifies to the Department that it has at least 2,785 full-time employees as of January 1, 2029, in an eligible city, and from January 1, 2022, through December 31, 2028, has made or caused to be made a capital investment for its facilities in that eligible city of at least $414.45 million. Once the Authority certifies a property information and analytics firm has met the job and capital investment requirements set forth in this subdivision, no additional certifications shall be required and the property information and analytics firm shall continue to be subject to the provisions of subdivision B 2 of § 58.1-416 in all future taxable years.C. The General Assembly finds that the growth of property information and analytics firms, including the capital investment and new jobs spurred by such growth, is essential to the continued fiscal health of the Commonwealth. Accordingly, the provisions of subsections A and B relating to capital investment and new jobs are integral to the purpose of this section. If any provision of this section is for any reason held to be invalid or unconstitutional by the decision of a court of competent jurisdiction, that provision shall not be deemed severable.Added by Acts 2022 c. 257,§ 1. The provisions of this act shall not become effective until a memorandum of understanding, as defined in § 58.1-422.4 of the Code of Virginia, is signed. If such memorandum of understanding is not signed by August 1, 2022, the provisions of subsection B 2 of § 58.1-416 shall not be applicable in any taxable year beginning on or after January 1, 2023."Added by Acts 2022 c. 256,§ 1. The provisions of this act shall not become effective until a memorandum of understanding, as defined in § 58.1-422.4 of the Code of Virginia, is signed. If such memorandum of understanding is not signed by August 1, 2022, the provisions of subsection B 2 of § 58.1-416 shall not be applicable in any taxable year beginning on or after January 1, 2023.".