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2016 SESSION

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HB 1068 Advanced Shipbuilding Production Facility Grant Program; established, Fund created.

Introduced by: S. Chris Jones | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Advanced Shipbuilding Production Facility Grant Program. Establishes a grant program for capital or lease cost of a new facility related to the production of a class of nuclear warships for the United States Navy not previously built in Virginia. The grants may also be expended on a new or existing facility and equipment used to cast metal components used in advanced shipbuilding. Grants would be paid to a qualified shipbuilder based in the City of Newport News or to the City of Newport News if the qualified shipbuilder (i) makes a new capital investment of at least $750 million for production facilities and (ii) creates at least 1,000 new full-time jobs. A maximum of $46 million in grants would be paid between 2017 and 2026.


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