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2001 SESSION
SB 1109 Semiconductor Manufacturing Performance Grant Programs.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Semiconductor Manufacturing Performance Grant Programs. Creates additional grant programs for manufacturers of semiconductor memory or logic wafers. One program provides grants to semiconductor manufacturers for capital investments and job creation within the City of Manassas. The grant amounts are (i) up to $25 million, if $700 million in new capital investments result in the creation of 600 new full-time jobs by January 1, 2003, and (ii) up to an additional $45 million, if an additional $2 billion in new capital investments results in the creation of an additional 1,350 new full-time jobs by January 1, 2007. A second program provides grants to semiconductor manufacturers for capital investments and job creation within the County of Henrico. The grant amounts are (i) up to $15 million, if $1.1 billion in new capital investments results in the creation of a new manufacturing module for the production of a semiconductor related product and (ii) up to an additional $40 million if 1,400 new full-time jobs are created by January 1, 2005. The capital investments and job creation provided in the bill may not be used to claim any other grants payable to semiconductor manufacturers. The terms for the payment of grants under both programs are to be included in a memorandum of agreement between the Commonwealth and the semiconductor manufacturer. The Senate Committee on Finance and the House Committees on Appropriations and Finance may review the unsigned memorandum of agreement before any grants are paid.
SUMMARY AS PASSED SENATE:
Semiconductor Manufacturing Performance Grant Programs. Creates additional grant programs for manufacturers of semiconductor memory or logic wafers. One program provides grants to semiconductor manufacturers for capital investments and job creation within the City of Manassas. The grant amounts are (i) up to $25 million, if $700 million in new capital investments results in the creation of 600 new full-time jobs by January 1, 2003, and (ii) up to an additional $45 million, if an additional two billion dollars in new capital investments results in the creation of an additional 1,350 new full-time jobs by January 1, 2007. A second program provides grants to semiconductor manufacturers for capital investments and job creation within the County of Henrico. The grant amounts are (i) up to $15 million, if $1.1 billion in new capital investments results in the creation of a new manufacturing module for the production of a semi-conductor related product and (ii) up to an additional $40 million if 1,400 new full-time jobs are created by January 1, 2005. The capital investments and job creation provided in the bill may not be used to claim any other grants payable to semiconductor manufacturers. The terms for the payment of grants under both programs are to be included in a memorandum of agreement between the Commonwealth and the semi-conductor manufacturer. The Senate Committee on Finance and the House Committee on Appropriations may review the unsigned memorandum of agreement before any grants are paid.
SUMMARY AS INTRODUCED:
Semiconductor Manufacturing Performance Grant Programs. Creates additional grant programs for manufacturers of semiconductor memory or logic wafers. One program provides grants to semiconductor manufacturers for capital investments and job creation within the City of Manassas. The grant amounts are (i) up to $25 million, if $700 million in new capital investments for the production of new semiconductor-related products results in the creation of 600 new full-time jobs by January 1, 2003, and (ii) up to an additional $45 million, if an additional two billion dollars in new capital investments for the production of new semiconductor-related products results in the creation of an additional 1,350 new full-time jobs by January 1, 2007. A second program provides grants to semiconductor manufacturers for capital investments and job creation within the County of Henrico. The grant amounts are (i) up to $15 million, if $1.1 billion in new capital investments results in the creation of a new manufacturing module for the production of a new product and (ii) up to an additional $40 million if 1,400 new full-time jobs are created by January 1, 2005. The capital investments and job creation provided in the bill may not be used to claim any other grants payable to semiconductor manufacturers.