2011 Session

Budget Amendments - SB800 (Committee Approved)

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Commonwealth Research Commercialization Fund

Item 96 #1s

Item 96 #1s

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, line 1, strike "Virginia Research and Technology Investment Fund.  This" and insert:
"Commonwealth Research Commercialization Fund established pursuant to § 2.2-2233.1, Code of Virginia.  Out of these amounts, a minimum of $2,000,000 shall be provided to the SBIR matching funds program.  The initial guidelines for grants from the fund shall be developed in consultation with the Chairmen or a member designated by the Chairmen of the Joint Commission on Technology and Science, the Senate General Laws and Technology Committee, and  the House Science and Technology Committee. "
Page 79, strike line 2 and line 3.

(This amendment provides a net of $10.0 million from the general fund in the second year for the Commonwealth Research Commercialization Fund (CRCF), to be used for purposes as specified in § 2.2-2233.1, Code of Virginia. The introduced budget included $25.0 million to be deposited in the Virginia Research and Technology Investment Fund, but legislation introduced to create this new fund was amended to modify the existing CRCF.)