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2024 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Price
Cost Share for Major Federal Government Investment

Item 101 #1h

Item 101 #1h

First Year - FY2025 Second Year - FY2026
Commerce and Trade
Economic Development Incentive Payments FY2025 $20,000,000 FY2026 $20,000,000 GF

Language
Page 94, line 20, strike "$281,536,441" and insert "$301,536,441".
Page 94, line 20, strike "$137,235,171" and insert "$157,235,171".

Page 97, after line 27, insert:

"T. Out of this appropriation, $20,000,000 the first year and $20,000,000 the second year from the general fund is provided to the City of Newport News to support a capital investment from the United States Navy in an amount estimated to be up to $400,000,000 to build infrastructure to house and care for sailors who reside in Newport News when a ship is being built, overhauled, or otherwise in a maintenance shipbuilding facility. The state general fund share of this project shall not exceed $40 million."



Explanation

(This amendment provides $40.0 million over the biennium to represent the Commonwealth's share of a major infrastructure investment by the United States Navy. These funds are contingent on the Navy's investment.)