Virginia HB 421

Eminent domain; condemnation of public waterworks systems; determination of lost profits. Requires the body determining just compensation in a condemnation proceeding initiated by a locality for the taking of a waterworks system to consider in its determination of lost profits the difference between the rates, fees, and charges for water service provided by (i) the condemning locality or authority and (ii) the owner on the date of valuation. The bill requires, upon the petition of any party or upon the request of the court, that such determination of lost profits be commensurately reduced to the extent that the body determining just compensation and the court find to be just and reasonable.