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2016 SESSION
HB 1068 Advanced Shipbuilding Production Facility Grant Program; established, Fund created.
Introduced by: S. Chris Jones | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Advanced Shipbuilding Production Facility Grant Program. Establishes a grant program for capital or lease cost of a new facility related to the production of a class of nuclear warships for the United States Navy not previously built in Virginia. The grants may also be expended on a new or existing facility and equipment used to cast metal components used in advanced shipbuilding. Grants would be paid to a qualified shipbuilder based in the City of Newport News or to the City of Newport News if the qualified shipbuilder (i) makes a new capital investment of at least $750 million for production facilities and (ii) creates at least 1,000 new full-time jobs. A maximum of $46 million in grants would be paid between 2017 and 2026.
SUMMARY AS PASSED HOUSE:
Advanced Shipbuilding Production Facility Grant Program. Establishes a grant program for capital or lease cost of a new facility related to the production of a class of nuclear warships for the United States Navy not previously built in Virginia. The grants may also be expended on a new or existing facility and equipment used to cast metal components used in advanced shipbuilding. Grants would be paid to a qualified shipbuilder based in the City of Newport News or to the City of Newport News if the qualified shipbuilder (i) makes a new capital investment of at least $750 million for production facilities and (ii) creates at least 1,000 new full-time jobs. A maximum of $46 million in grants would be paid between 2017 and 2026.
SUMMARY AS INTRODUCED:
Advanced Shipbuilding Production Facility Grant Program. Establishes a grant program for new facilities and activities related to the production of a class of nuclear warships for the United States Navy not previously built in Virginia. Grants would be paid to a qualified shipbuilder based in the City of Newport News or to the City of Newport News if the qualified shipbuilder (i) makes a new capital investment of at least $750 million for production facilities and (ii) creates at least 1,000 new full-time jobs. A maximum of $46 million in grants would be paid between 2017 and 2026.