2005 Session

Budget Amendments - SB700 (Conference Report)

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Special Incentives Study (language only)

Item 128 #1c

Item 128 #1c

Commerce And Trade
Virginia Economic Development Partnership

Page 110, after line 50, insert:
"O.  The Virginia Economic Development Partnership, in conjunction with the Virginia Tobacco Indemnification and Community Revitalization Commission, the Departments of Business Assistance and Housing and Community Development, and the Virginia Community College System, shall evaluate the Commonwealth's program, tax, and budget incentives capable of attracting new investment and job creation such as major automotive industries or other significant economic development projects to targeted regions of Virginia with emphasis placed on those localities with the most need of economic development.  Such incentive packages may be in the range of those offered by other states for such business incentive packages.  The Partnership shall report its findings and recommendations to the Chairmen of the Senate Finance and House Appropriations Committees by December 28, 2005."

(This amendment requires the Partnership to work with several state agencies to review the state's economic development policies and incentives in order to determine what, if any, changes are needed to attract a major manufacturer to areas outside of Northern Virginia, Hampton Roads, and Central Virginia.)