Tax Increment Financing for Dredging Passes House

February 5, 2018

A bill that makes dredging projects eligible for tax increment financing passed the House of Delegates on February 2. Under current law, the definition of “development project area” does not specifically include or mention dredging projects. HB 1092 (Hodges) modifies the definition to include “any area designated as a dredging project” for purposes of tax increment financing. This measure was amended in Committee to specify that “dredging projects” shall not include those undertaken by the Virginia Port Authority.

HB 1092 has enjoyed widespread support over the last several weeks, from stakeholders like VACo and from the legislature itself. The House Finance Committee’s Subcommittee #1 unanimously (10-0) recommended reporting the bill, the full House Finance Committee unanimously reported (22-0) the bill, and the House of Delegates ultimately passed the measure by a 97-0-1 vote.

VACo Contact: Chris McDonald, Esq.

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