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2004 SPECIAL SESSION I

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SB 5006 Virginia Economic Development Incentive Act; created.

Introduced by: Benjamin J. Lambert III | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Economic Development Incentive Act. Establishes the Virginia Economic Development Incentive Fund (Fund) to be administered by the Virginia Economic Development Partnership. The Fund will be used to provide grants for projects creating at least 400 jobs with average salaries at least 50 percent greater than the prevailing average wage for the area and investing a minimum of $6,500 per job or five million dollars in capital, whichever is greater. Beginning January 1, 2005, the capital investment requirement shall be adjusted annually by any percentage increase in the Consumer Price Index. The maximum amount of grants that may be approved in a fiscal year is $10 million, and the maximum amount of grants that may be paid in a fiscal year is $2.5 million. Any project that has received a Virginia Investment Partnership grant, an Enterprise Zone Act grant, or a Major Business Facility Job Tax Credit would be ineligible for a grant under the Act.


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