2022 Session

Budget Amendments - HB30 (Committee Approved)

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Develop Offshore Wind Industry Supply Chain

Item 113 #1h

Item 113 #1h

First Year - FY2023 Second Year - FY2024
Commerce and Trade
Economic Development Incentive Payments FY2023 $5,000,000 FY2024 $0 GF

Page 93, line 24, strike "$99,583,083" and insert "$104,583,083".

Page 95, after line 47, insert:

"P. Out of this appropriation, $5,000,000 the second year is provided to develop a supply chain for the offshore wind industry in Virginia through direct business investment in equipment. The Virginia Economic Development Partnership Authority ("the Authority") shall serve as the administrator for this new program. In developing this new investment program, the Authority shall focus on smaller companies and how investment from the state for equipment can incentivize their participation in this new industry. Individual investments from this program may range from $20,000 to $250,000 per company. The Authority in collaboration with the Office of Offshore Wind, and other relevant stakeholders shall develop criteria and guidelines for this  offshore wind supply chain development program in Virginia on or before November 1, 2022.  Any funds remaining at the end of the fiscal year shall be carried forward into the next fiscal year by the Authority for the purposes described in this paragraph P."


(This amendment provides $5.0 million in the first year from the general fund for the Virginia Economic Development Partnership Authority to develop a program designed to build a supply chain for the offshore wind industry by investing in equipment. A companion amendment to House Bill 29 provides funding for this amendment from available resources in the Virginia Growth and Opportunity Fund.)