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2024 SESSION

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SB 496 Virginia Growth and Opportunity Board; Virginia investment performance grants.

Introduced by: Jennifer D. Carroll Foy | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Virginia Growth and Opportunity Act; Virginia investment performance grants; Virginia economic development incentive grants. Reduces the local funding match requirement for GO Virginia grants from being equal to the grant amount to being at least equal to half of the grant amount until July 1, 2028. The bill adds the Secretary of Labor to the Virginia Growth and Opportunity Board. The bill also requires, for a Virginia investment performance grant award determination that includes a job creation requirement, an eligible manufacturer or research and development service to pay an average wage, excluding fringe benefits, that is no less than the prevailing average wage for such new jobs. Under the bill, beginning July 1, 2024, (i) the aggregate amount of Virginia investment performance grants payable to all grant recipients in any fiscal year shall not exceed $7 million and (ii) grants shall be payable in amounts up to $5 million per eligible manufacturer or research and development service in five equal, annual installments of up to $1 million, beginning in the first year after verification of capital investment and pledged employment. The bill also provides that eligible companies shall be eligible to receive Virginia economic development incentive grants in the first year after verification that requirements applicable to such grant are satisfied. The bill contains an enactment clause clarifying that no existing agreement entered into prior to the effective date of the bill shall be impacted by the bill.

SUMMARY AS PASSED SENATE:

Virginia Growth and Opportunity Act; Virginia investment performance grants; Virginia economic development incentive grants. Reduces the local funding match requirement for GO Virginia grants from being equal to the grant amount to being at least equal to half of the grant amount. The bill adds the Secretary of Labor to the Virginia Growth and Opportunity Board. The bill also allows payouts for the Virginia investment performance grant and the Virginia economic development incentive grant programs to begin in the first year after reaching performance targets. Under current law, payouts for such grant programs generally cannot begin until the third year after projects achieve their performance targets. The bill also requires projects seeking grants from the Virginia investment performance grant program to pay at least the prevailing average wage if job creation is included in a grant award determination. The provisions of the bill providing matching requirements for regional grants under the program have an expiration date of July 1, 2028. 

SUMMARY AS INTRODUCED:

Virginia Growth and Opportunity Act; Virginia investment performance grants; Virginia economic development incentive grants. Reduces the local funding match requirement for GO Virginia grants from being equal to the grant amount to being at least equal to half of the grant amount. The bill also allows payouts for the Virginia investment performance grant and the Virginia economic development incentive grant programs to begin in the first year after reaching performance targets. Under current law, payouts for such grant programs generally cannot begin until the third year after projects achieve their performance targets. The bill also requires projects seeking grants from the Virginia investment performance grant program to pay at least the prevailing average wage if job creation is included in a grant award determination.