Press Release
BOLLING - MARSHALL VIRGINIA ECONOMIC DEVELOPMENT LEGISLATION PASSES SENATE
-Legislation now heads to Governor Kaine for approval-
Tuesday, February 20, 2007
RICHMOND - Today the Virginia House of Delegates passed legislation that would encourage small businesses on the verge of expansion to bring their companies and valuable jobs to Virginia.
House Bill 2468, the work of Lieutenant Governor Bill Bolling and Delegate Danny Marshall (R ¿ Danville) and, lowers the investment minimums on the Governor''''s Development Opportunity Fund in areas of extreme unemployment, making it easier for emerging businesses to qualify for state grants if they expand into areas of extremely high unemployment.
"This past year I have made it a priority to tour Virginia meeting with local government officials and business and community leaders to learn about problems in their area," said Lieutenant Governor Bolling. "One of the most issues mentioned most often is economic development and what we can do to attract more business, industry and jobs to economically underserved areas of Virginia. This legislation levels the playing field to encourage more companies of all sizes to invest in Virginia."
"I am glad that Lieutenant Governor Bill Bolling came to me with this bill," said Del. Danny Marshall. "We have worked with his office, and I think that we have come up with a way for high unemployment areas to attract more companies, especially smaller companies."
Previously, companies had to invest at least $10 million in large localities such as Fairfax or Richmond, $5 million in areas between 50,000 and 100,000 residents and $2.5 million in areas smaller than 50,000 residents. In addition there were job creation requirements.
Under this new legislation, areas with 1.5 times the state''''s average unemployment will qualify for lower thresholds. In large localities the minimum investment will lower to $7.5 million, in areas between 50,000 and 100,000 residents the minimum investment will lower to $3.5 million, and in smaller areas, to $1.5 million.
(View table of areas affected by HB2468.)
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For additional information contact Randy Marcus at 804-814-7117 (cell) or randy.marcus@ltgov.virginia.gov.
