1998 Session

Budget Amendments - SB30 (Conference Report)

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VA Technology Blueprint Funding

Item 126 #5c

Item 126 #5c

First Year - FY1999 Second Year - FY2000
Commerce And Trade
Innovative Technology Authority FY1999 $1,000,000 FY2000 $1,500,000 GF

Page 79, line 6, strike "$10,577,237" and insert "$11,577,237".
Page 79, line 6, strike "$10,650,662" and insert "$12,150,662".
Page 79, line 28, strike "E" and insert "E.1."
Page 79, after line 37, insert:  
"2.  The Innovative Technology Authority shall provide a report to the Chairmen of the Senate Finance and House Appropriations Committees by November 4, 1998, on CIT's Technology Awards Program and Technology Growth Program, including, but not limited to, program costs, new companies started in or relocated to Virginia, jobs created, investments made, patent applications made, grants awarded, licenses issued, and funds paid back to CIT by successful commercial operations."

(This amendment provides $2.5 million from the general fund in 1998-2000 to enable CIT to begin implementation of the Virginia Technology Blueprint and the recommendations of the Joint Commission on Technology and Science. The spending initiatives include: $1.0 million for a technology award program to commercialize technology research, and $1.5 million to develop and attract research and development organizations. A companion amendment provides $300,000 for the biennium for services provided by the Virginia Manufacturing Extension Service.)