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2024 SESSION

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HB 596 Fisheries Innovation for Sustainable Harvest Fund; established.

Introduced by: Alex Q. Askew | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Fisheries Innovation for Sustainable Harvest Fund established. Establishes the Fisheries Innovation for Sustainable Harvest Fund for the purposes of supporting and promoting the economic growth and development of Virginia's seafood economy. The Fund shall be administered by the Marine Resources Commission for the sole purpose of supporting and promoting the economic growth and development of Virginia's seafood economy while enhancing the sustainability of Virginia's marine fisheries resources through the awarding of grants, revolving loans, or other financial tools. The bill provides that the Commercial Fishing Advisory Board shall advise the Commission on expenditures from the Fund. This bill is identical to SB 464.

SUMMARY AS PASSED HOUSE:

Fisheries Innovation for Sustainable Harvest Fund established. Establishes the Fisheries Innovation for Sustainable Harvest Fund, to be administered by the Marine Resources Commission, for the purposes of supporting and promoting the economic growth and development of Virginia's seafood economy while enhancing the sustainability of Virginia's marine fisheries resources through the awarding of grants, revolving loans, or other financial tools. The bill provides that the Commercial Fishing Advisory Board shall advise the Commission on expenditures from the Fund and that royalties collected as a result of the generation or transmission of electrical or compressed air energy from offshore renewable sources and appropriated to the Virginia Coastal Energy Research Consortium under current law shall instead be appropriated to the Fund.

SUMMARY AS INTRODUCED:

Fisheries Innovation for Sustainable Harvest Fund established. Establishes the Fisheries Innovation for Sustainable Harvest Fund for the purposes of supporting and promoting the economic growth and development of Virginia's seafood economy. The Fund shall be administered by the Marine Resources Commission for the sole purpose of supporting and promoting the economic growth and development of Virginia's seafood economy while enhancing the sustainability of Virginia's marine fisheries resources through the awarding of grants, revolving loans, or other financial tools. The bill provides that the Commercial Fishing Advisory Board shall advise the Commission on expenditures from the Fund and also requires royalties collected by the Commission on or after July 1, 2024, as a result of the generation or transmission of electrical or compressed air energy from certain offshore renewable sources to be credited to the Fund. The bill also provides that any such royalties appropriated to the Virginia Coastal Energy Research Consortium under current law shall instead be appropriated to the Fund.