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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

SUMMARY AS PASSED: (all summaries)

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.


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