Bill exempting small locality IDA/EDA from SOEI filings moves forward

January 26, 2021

SB 1171 (Norment) creates an exemption for smaller localities’ EDA and IDA Executive Directors and members from filing Statement of Economic Interest disclosure forms. Legislation passed in the 2020 regular session required the Executive Director and members of each industrial development authority and economic development authority, as created by the Industrial Development and Revenue Bond Act, to file financial disclosure forms by August 1, 2020. The patron of this bill explained that this caused resignations in smaller localities and was seeking to provide relief. Under SB 1171, localities with a population up to 25,000, or in a region serving more than one locality that, in the aggregate, with a population of up to 25,000, will no longer be required to file a Statement of Economic Interests (SOEI) with the clerk of the local governing body as a condition to assuming office and thereafter annually on or before February 1. The bill passed the Senate on a vote of 24 to 15.

VACo Contact: Phyllis Errico, Esq., CAE

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