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HB 1033

Va. Economic Dev. Partnership Authority; Division of Incentives; due diligence for major projects.

2026 Regular Session Introduced by Kathy Tran

HB 1033 requires Virginia's economic development authority to conduct enhanced due diligence investigations of major projects seeking state incentives before approval.

Assigned HCL sub: Subcommittee #2
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Bill Summary · HB 1033

Legislative bill overview

HB 1033 establishes new due diligence requirements for the Virginia Economic Development Partnership Authority (VEDP) when evaluating major economic development projects seeking state incentives. The bill creates a formal process for investigating and vetting large-scale projects before incentive packages are awarded, likely including financial analysis, job creation verification, and community impact assessments.

Why is this important

Economic development incentives represent significant public expenditures that should generate measurable returns. Strengthening due diligence procedures helps ensure taxpayer money is spent effectively and prevents incentives from going to projects unlikely to deliver promised benefits like job creation or capital investment. This is particularly relevant after high-profile cases nationwide where companies failed to meet incentive conditions.

Potential points of contention

  • Competitive disadvantage: Stricter vetting processes may slow project approvals, potentially causing Virginia to lose opportunities to competing states with faster approval timelines
  • Definition of "major projects": Disagreement over which project size triggers heightened scrutiny could create inconsistent application or exclude significant projects
  • Administrative burden and cost: Expanded due diligence requires additional staff and expertise, raising operational costs that could divert resources from recruitment efforts

Compiled from official sources — confirm details with the bill’s official record.

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