Gov. McDonnell Signs Top NVTC Legislative Priorities Supporting Virginia's Growing Innovation Economy
At an event at the Virginia Biotechnology Research Park in Richmond on Wednesday, April 6, Gov. Bob McDonnell ceremonially signed the first part of his "Opportunity at Work" legislative agenda, which includes several of NVTC's legislative priorities. The 10 measures signed at the event are designed to attract new businesses to the Commonwealth and help to grow and expand existing businesses in Virginia.
|Gov. McDonnell ceremonially signs the first part of his "Opportunity at Work" legislative agenda on Wednesday.|
Lt. Gov. Bill Bolling; Secretary of Commerce and Trade Jim Cheng; Secretary of Technology Jim Duffey; Secretary of Education Gerard Robinson; Senior Economic Advisor Bob Sledd; President & CEO of the Center for Innovative Technology Pete Jobse; Sens. Mark Herring (D-Leesburg) and Frank Ruff (R- Clarksville); and Delegates Rich Anderson (R-Woodbridge), Mark Cole (R-Fredericksburg), Barbara Comstock (R-McLean), L. Scott Lingamfelter (R-Prince William) and Chris Peace (R-Mechanicsville) joined Gov. McDonnell for the event. The legislation signed on Wednesday includes:
HB 1447 - Delegate Cline
SB 1326 - Sen. Herring
After five years of advocacy, NVTC was instrumental in achieving passage this year of a $5 million refundable R&D income tax credit. This $5 million targeted R&D income tax credit, for startups and early-stage firms, will promote innovation and job creation across Virginia, enhance Virginia's competitiveness as a preferred location for research and boost industry-sponsored research and collaboration with Virginia's universities. More than 18,000 technology firms make R&D investments across the United States, and this legislation encourages them to consider Virginia as a welcoming home for their future investment.
|Sen. Mark Herring (D-Leesburg) shakes Gov. McDonnell's hand after he signed the bill for a $5 million refundable R&D income tax credit.|
HB 2324 - Delegate Lingamfelter
SB 1485 - Sens. Newman and Herring
The General Assembly approved NVTC-backed legislation to expand Virginia's Commonwealth Research Commercialization Fund (CRCF) and appropriated $6 million in new funding to accelerate entrance of new products and services to the market, incentivize collaboration between research universities and businesses in high-growth, emerging industries, provide matching funds to SBIR grant recipients and provide new resources to attract eminent researchers at Virginia universities.
HB 1982 - Delegates Kilgore, Torian, Miller and Armstrong
SB 1379 - Sens. Stanley and Barker
This NVTC-supported legislation gives Gov. McDonnell more flexibility in providing incentives to businesses seeking to relocate or expand in Virginia and creates special eligibility categories for large data center and critical technology infrastructure businesses and emerging technology projects.