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2015 SESSION

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HB 1842 Performance and incentive grants; review of incentive packages, report, repeals certain provisions.

Introduced by: Matthew James | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Performance and incentive grants. Provides (i) that no more than $20 million in Virginia Investment Performance Grants may be outstanding at any time on or after July 1, 2015, (ii) that grant payments under the Major Eligible Employer Grant Program will begin three years following approval of the employer's grant application by the Secretary of Commerce and Trade, and (iii) for the MEI Project Approval Commission to review incentive packages in which the aggregate amount of incentives offered by the Commonwealth is in excess of $10 million in value. Under current law, grant payments under the Major Eligible Employer Grant Program begin six years following approval by the Secretary of Commerce and Trade.

The bill also repeals the Clean Energy Manufacturing Incentive Grant Program and the Specialized Biotechnology Research Performance Grant Program effective July 1, 2015, and the Commonwealth's semiconductor performance grant programs effective July 1, 2016.


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