2010 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Ingram
Biofuels Incentive Fund

Item 96 #4h

Item 96 #4h

First Year - FY2011 Second Year - FY2012
Commerce And Trade
Economic Development Incentive Payments FY2011 $2,500,000 FY2012 $6,500,000 GF

Page 51, line 39, strike "$38,950,436" and insert "$41,450,436".
Page 51, line 39, strike "$44,310,384" and insert "$50,810,384".
Page 54, after line 3, insert:
"Out of the appropriation for this item, $2,500,000 in the first year and $6,500,000 in the second year from the general fund shall be deposited into the Biofuels Production Fund, as established in § 45.1-393, Code of Virginia.  Such funds shall be used to provide a grant in support of the location and construction of a non-advanced neat biofuel production facility in the City of Hopewell.  In accordance with § 45.1-393 et. seq, Code of Virginia, the grant shall be in an amount equal to $0.10 for each gallon of neat biofuel produced and sold by the facility in each calendar year.  The Director, Department of Mines, Minerals and Energy shall certify to the Director, Department of Planning and Budget, that such company has established its eligibility to receive such funds by commencing qualifying sales during calendar year 2010."

(This amendment provides $2.5 million in the first year and $6.5 million in the second year in incentive payments under the Biofuels Production Fund for a firm anticipated to locate an eligible facility in the City of Hopewell.)