2007 Session

Budget Amendments - HB1650 (Member Request)

Chief Patron: Nutter
SCHEV Research Corp

Item 145.10 #1h

Item 145.10 #1h

First Year - FY2007 Second Year - FY2008
Education: Higher Education
State Council of Higher Education for Virginia FY2007 $0 FY2008 $1,300,000 GF

Page 182, after line 43, insert:

(This amendment provides general funds in support of the objectives of House Bill 2238, 2007 Session of the General Assembly, which creates the Virginia Academic Research Corporation (i) supporting academic research in Virginia; (ii) encouraging research initiatives, with an emphasis on biological systems and nanotechnology to support Virginia industry; (iii) directing the disbursement of funds for such research initiatives based on established scientific criteria from the Academic Research Initiative Fund createdpursuant to this section; and (iv) conducting or undertaking other activities to evaluate the Commonwealth's research investment. In addition, this amendment will allow the Virginia Academic Research Corporation to forge partnerships with federal financing entities such as the U.S. Department of Commerce Economic Development Administration to promote innovation in economically distressed regions. Finally, the Virginia Academic Research Corporation will serve as the assessment arm for the Commonwealth in evaluating the research investments being made or to be made.)