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2012 SESSION

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SB 578 Virginia Port Authority; amends several provisions governing conduct of business.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Virginia Port Authority.  Amends several provisions relating to the Virginia Port Authority and the conduct of its business. The bill (i) extends until 2017 the international trade facility tax credit, the barge and rail usage tax credit, and the Virginia port volume increase tax credit;(ii) specifies that the members of the Authority have expertise in particular industries; (iii) authorizes the Board to form a Maritime Advisory Council to provide advice and counsel to the Board; and (iv) creates the Port Opportunity Fund for the development and implementation of marketing for the Port and to expand the use of the Virginia Port Authority facilities. The bill also requires the Governor make recommendations to General Assembly regarding the establishment of an economic development zone and incentives concerning the Port. This bill is identical to HB 1183.

SUMMARY AS PASSED SENATE:

Virginia Port Authority.  Amends several provisions governing the conduct of the Authority's business. Extends until 2017 the international trade facility tax credit, the barge and rail usage tax credit, and the Virginia port volume increase tax credit. Creates the Route 460 Corridor Interstate 85 Connector Economic Development Zone Grant Fund and Program to promote the use of the Port of Virginia. Allows the Board to form a Maritime Advisory Council to provide advice and counsel to the Board. Creates the Port Opportunity Fund for the development and implementation of marketing for the Port and to expand the use of the Virginia Port Authority facilities. The Route 460 Corridor Interstate 85 Connector Economic Development Zone Grant Fund and Program are contingent upon an appropriation of funds effectuating the provisions of this bill.

SUMMARY AS INTRODUCED:

Virginia Port Authority.  Amends several provisions governing the conduct of the Authority's business. Creates the Route 460 Corridor Interstate 85 Connector Economic Development Zone to promote the use of the Port of Virginia. Increases the number of Commissioners eligible to serve from Hampton Roads.