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2016 SESSION

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HB 858 Virginia International Trade Corporation; established, report.

Introduced by: R. Steven Landes | all patrons    ...    notes | add to my profiles

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

Virginia International Trade Corporation. Establishes the Virginia International Trade Corporation (the Corporation) in the executive branch of state government to promote international trade in the Commonwealth. The bill (i) authorizes the Chief Executive Officer of the Corporation to employee or retain employees and provides for such employees to be eligible for membership in the Virginia Retirement System and participation in health and related insurance and other benefits available to state employees; (ii) grants additional powers to the corporation, including the power to adopt bylaws, execute contracts, charge and collect fees, and maintain accounts and records; (iii) exempts the corporation from state taxation and the Virginia Public Procurement and Personnel Acts; and (iv) provides for the Virginia Economic Development Partnership Authority to transfer all portions of its budget currently allocated for trade-related programs, personnel, and costs to the Corporation. The bill has a delayed effective date of December 1, 2016, for creation of the Corporation, with its full authority beginning April 1, 2017, and provides for the Secretary of Commerce and Trade (the Secretary) to provide to the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance (the Chairmen), not later than September 1, 2016, a proposed budget, a business plan, and performance metrics that address the structure and duties of and staff support for the Corporation as well as any proposed Memorandum of Agreement between the Corporation and the Virginia Economic Development Partnership Authority for the Authority to provide administrative and support services for the Corporation. The bill also directs the Chairmen to provide findings and recommendations to the Secretary by December 1, 2016. The bill also directs the Secretary of Agriculture and Forestry to provide to the Chairmen, by November 1, 2017, recommendations regarding the structure and duties of and staff support for the Corporation that would enhance and accelerate export marketing services performed by the Virginia Department of Agriculture and Consumer Services, with consideration given to the possible transfer of such export marketing services into the Corporation.


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