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1998 SESSION

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SB 442 Shipyard Incentive Commission; created.

Introduced by: Richard J. Holland | all patrons    ...    notes | add to my profiles

SUMMARY:

Compensation and expenses of members of boards, commissions, etc., establishment of Shipyard Incentive Commission & grant program. Requires that citizen members of all boards, commissions, and other bodies who are appointed at the state level be compensated at the rate of $50 per day, unless a different rate is specified elsewhere, plus reasonable and necessary expenses. Currently, members of certain bodies receive per diem compensation, expense reimbursement, or both. In addition, the Shipyard Incentive Commission and the grant program are created. The Commission, consisting of seven members, administers and oversees the grant program. The grant program offers an investment grant and an operations grant to any qualified shipbuilder. A qualified shipbuilder is defined as a corporation that (i) is primarily engaged in designing, constructing, overhauling, modernizing and repairing ships at its facilities in Virginia; (ii) employs more than 10,000 persons at such facilities; and (iii) makes a qualified investment of at least $30 million in the fiscal year preceding the fiscal year in which a grant is provided, at least $35 million in the second fiscal year a grant is provided, and at least $50 million in each fiscal year thereafter. Total investment grants shall not exceed $58 million and total operations grants shall not exceed $40 million. The grant program expires June 30, 2004.


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