Virginia Small Business Economic Development Act; established.

Virginia Small Business Economic Development Act established; regulation of skill game machines; penalties. Establishes the Virginia Small Business Economic Development Act for the purpose of providing a regulatory and registration scheme for skill game machines in the Commonwealth. The bill authorizes and specifies the registration requirements for the distribution, operation, hosting, and play of skill game machines, as defined in the bill. The bill imposes a 25 percent tax on the gross receipts from the play of each skill game machine from each distributor and provides for the use of such tax proceeds, with most being deposited into the PreK-12 Priority Fund, established in the bill. The bill directs the Virginia Lottery Board to promulgate regulations no later than January 1, 2027, to implement the provisions of the bill and authorizes the Virginia Alcoholic Beverage Control Authority to grant a provisional registration, beginning July 1, 2024, to any entity that provides a laboratory certification from a laboratory approved by the Authority that the game being distributed, operated, or placed in an establishment meets the definition and requirements of a skill game machine.