All Roll Calls
Yes: 15 • No: 0
VirginiaSB6932025 Regular SessionSenate
Residential land; prohibited acquisition, restrictions, civil penalty.
Sponsored By: Glen H. Sturtevant, Jr. (Republican)
Failed
Summary
Prohibited acquisition of residential land; restrictions; civil penalty. Restricts any partnership, corporation, or real estate investment trust that manages funds pooled from investors, is a fiduciary to such investors, and has $50 million or more in net value or assets under management on any day during a taxable year from acquiring any interest in residential land, as defined in the bill, in the Commonwealth and requires registration with the Secretary of the Commonwealth on or after July 1, 2024. The bill requires the Secretary to report annually by December 1 on the registrations and any penalties assessed for failure to register and to submit such report to the Governor and the General Assembly. The bill also requires all real property tax bills to contain notice of such prohibited business ownership restrictions and registration requirements.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Glen H. Sturtevant, Jr.
Republican • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
Senate vote • 2/7/2024
Continued to 2025 in Courts of Justice
Yes: 15 • No: 0
Actions Timeline
Left in Courts of Justice
11/19/2024SenateContinued to 2025 in Courts of Justice (15-Y 0-N)
2/7/2024SenateSenate committee, floor amendments and substitutes offered
2/7/2024SenateImpact statement from DPB (SB693)
2/2/2024SenateReferred to Committee for Courts of Justice
1/19/2024SenatePresented and ordered printed 24105234D
1/19/2024Senate
Bill Text
Introduced
2/5/2024
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