Authority: Title 23.1, Chapter 31, Article 8, Code of Virginia

A.1. Out of this appropriation, $8,000,000$4,000,000 the first year and $14,000,000$8,000,000 the second year from the general fund is designated for the Virginia Research Investment Fund. These funds shall be allocated in accordance with provisions established in House Bill 1343Chapter 775 of the 2016 General Assembly and shall be used to (i) promote research and development excellence in the Commonwealth; (ii) foster innovative and collaborative research, development, and commercialization efforts in projects and programs with a high potential for economic development and job creation opportunities; (iii) position the Commonwealth as a national leader in science-based and technology-based research, development, and commercialization; and (iv) to attract and recruit eminent researchers that enhance research superiority at public institutions of higher education.

2. Pursuant to the objectives stated in paragraph A.1., the Virginia Research Investment Committee (VRIC) may use a portion of the funds appropriated to conduct a study that is to be an assessment of the Commonwealth of Virginia's research assets, including those located at or within its public and private universities, federal research facilities and private sector companies. The purpose of that study shall be, but not limited to the following: (i) to determine the strengths of Virginia's commercialization capabilities; (ii) define research and commercialization clusters; (iii) identify current public and private sector collaborations in research and commercialization; (iv) identify current funding streams and where Virginia may best utilize its fiscal resources to leverage federal and private sector funds; (v) competitive efforts in similar research and commercialization initiatives in other states; and (vi) to recommend areas where Virginia may wish to direct its resources to accomplish the mandate of the Virginia Research Investment Committee. The State Council of Higher Education for Virginia shall serve as the coordinating body on behalf of the VRIC, and shall submit a study proposal to be reviewed and approved by the VRIC.

2. 3. In addition to the funding in this item, $29,000,000 the first year authorized in Item C-52.10 shall be made available to support the purchase of research equipment or laboratory renovations associated with researcher incentive packages and the translation of research into commercial use subject to the provisions established in House Bill 1343Chapter 775. Any institution of higher education or related research entity pursuing this funding must provide a match of an amount at least equal to the awarded funds.

B. The appropriation for this item is contingent on the passage of House Bill 1343 of the 2016 Session. If the bill should fail, the amounts appropriated in this item shall be transferred to Item 475 P. as part of the Revenue Reserve.