2024 Session

Budget Amendments - HB30 (Floor Approved)

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Add Language Limiting the Use of CIT Building Proceeds (language only)

Item 115 #3h

Item 115 #3h

Commerce and Trade
Virginia Innovation Partnership Authority


Page 120, after line 1, insert:

"Q. Any additional funds transferred to the Authority as a result of actions pursuant to Item 126.10, paragraph S.5 of the Chapter 854, 2019 Acts of Assembly may be used: (1) to enable the establishment of a fund of funds that will permit the Commonwealth to invest in one or more syndicated private investment funds; (2) to enhance direct investment programs by placing additional investments in partnership with Virginia accelerators and university technology commercialization programs; and (3) to enable the establishment of a sustainable program to enhance discovery of, and early investment in, technologies aligned with the Virginia Innovation Index. Decisions to invest in private funds shall be subject to approval by the Board of Directors. Investments in such funds shall be monitored by the Board of Directors."


(This amendment reinserts budget language that was eliminated in House Bill 30, as introduced that directs how the Virginia Innovation Partnership Authority can utilize the funds it received from the sale of the Center for Innovative Technology building.)