2011 Session

Budget Amendments - HB1500 (Conference Report)

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Allocate CRCF/CIT GAP Funding

Item 96 #2c

Item 96 #2c

First Year - FY2011 Second Year - FY2012
Commerce And Trade
Economic Development Incentive Payments FY2011 $0 FY2012 ($15,000,000) GF

Page 76, line 3, strike "$76,650,384" and insert "$61,650,384".
Page 78, line 57, strike "$25,000,000" and insert "$10,000,000".
Page 79, strike line 1 through line 3, and insert:
", which shall be utilized for the purposes set forth in House Bill 2324 and Senate Bill 1485, as adopted by the 2011 General Assembly as follows:  $4,000,000 shall be deposited into the Center for Innovative Technology's GAP Funds and $6,000,000 shall be deposited into the Commonwealth Research Commercialization Fund created pursuant to § 2.2-2233.1, Code of Virginia.  Of the amounts provided for the Commonwealth Research Commercialization Fund, $2,000,000 shall be used for a Small Business Innovation Research Matching Fund Program for Virginia-based technology businesses."

(This amendment allocates $10.0 million from the general fund in the second year provided for research commercialization pursuant to House Bill 2324 and Senate Bill 1485.)