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2016 SESSION

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HB 1343 Research & development in the Commonwealth; Va. Research Investment Fund & Committee, created, etc.

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

SUMMARY AS PASSED:

Virginia Research Investment Committee and Fund established; report. Establishes the Virginia Research Investment Committee (the Committee) to administer grants and loans from the Virginia Research Investment Fund (the Fund), created by this bill, to promote research, development, and commercialization in the Commonwealth. The bill provides that the State Council of Higher Education for Virginia (SCHEV) will establish guidelines related to administration and award of grants from the Fund, in consultation with the Committee. Upon receipt of completed grant applications, SCHEV will forward them to an entity with recognized science and technology expertise to review and rank the applications. Applications will then be forwarded to the Committee to make a final decision about the award of grants and funds. The Committee will be comprised of the Director of SCHEV, who will also serve as chairman, the Secretary of Finance, the Secretary of Technology, the staff directors of the House Appropriations and Senate Finance Committees, and three citizen members. The Speaker of the House of Delegates and the Senate Committee on Rules would each appoint one citizen member, and the Governor would appoint two citizen members, all to be selected from the nonlegislative citizen members of the Go Virginia Board if such Board is created by the 2016 Session of the General Assembly and becomes law. Of the moneys appropriated to the Fund, the General Assembly may specifically designate a portion of the moneys to be invested by the Board of the Virginia Retirement System. Only $4 million of such invested funds may be awarded in any given year, and if the Committee decides to award a loan, such loan must come out of this $4 million.

SUMMARY AS PASSED HOUSE:

Virginia Growth and Opportunity Board and Virginia Research, Development, and Commercialization Fund; established; report. Establishes the Virginia Growth and Opportunity Board (the Board) to administer grants from the Virginia Research, Development, and Commercialization Fund (the Fund), created by the bill, to promote research, development, and commercialization in the Commonwealth and economic development related thereto. The bill provides that the State Council of Higher Education for Virginia (SCHEV) will establish guidelines related to administration and award of grants from the Fund, subject to approval by the Board. Upon receipt of completed grant applications, SCHEV will forward them to an entity with recognized science and technology expertise to review and rank the applications. Applications will then be forwarded to a Research Proposal Review Committee to evaluate the potential economic impact of the proposals. The Board would ultimately make award decisions, taking into account the recommendations from these review panels.

SUMMARY AS INTRODUCED:

Commonwealth Competiveness Board. Establishes the Commonwealth Competitiveness Board (the Board) to administer the Commonwealth Competitiveness Fund, which will be used to award grants for bioscience, biotechnology, commercialization of research, cybersecurity, genomics, other technological or scientific projects, regional economic development projects, and such other projects and programs specified in the general appropriation act. The Board is required to develop criteria for awarding grants, including the potential for the project or program to (i) culminate in the commercialization of research; (ii) culminate in the formation or spin-off of viable bioscience, biotechnology, cybersecurity, genomics, or similar companies; (iii) promote the build-out of centers of excellence in science or technology; (iv) promote research and development; (v) provide modern facilities or infrastructure for research and development; (vi) result in significant capital investment and job creation; (vii) foster regional economic development or diversification; or (viii) address workforce shortages in high-demand fields. In awarding grants, preference will be given to projects and programs for which matching funds are allocated by businesses or local government entities. Decisions of the Board will be final and not subject to review or appeal.