2006 Special Session I

Budget Amendments - HB5002 (Committee Approved)

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Economic Development Incentives (language only)

Item 1 #3h

Item 1 #3h

Legislative Department
General Assembly of Virginia

Page 7, after line 47, insert:
"G. The Commerce, Agriculture and Natural Resources Subcommittee of the House Appropriations Committee and the Economic Development and Natural Resources Subcommittee of the Senate Finance Committee shall jointly study the Commonwealth's grants, programs and incentive funds related to economic development.  This review shall include an evaluation of the effectiveness of the existing mix of incentive programs to attract business to the Commonwealth and the regional distribution of funds expended for such purposes.  The subcommittees shall provide to the appropriate chairmen of the respective full committees any findings and recommendations resulting from this evaluation."

(This amendment directs the appropriate subcommittees of the House Appropriations and Senate Finance Committees to review the Commonwealth's economic development incentive programs to assess the effectiveness of the current mix of programs, and the regional distribution of funding for these purposes.)