$47M in Proposed VA Budget for Tech Development
Virginia Governor Robert McDonnell’s proposed biennial state budget for fiscal years 2012-2014 includes more than $47 million in economic development funds that will directly support new jobs and investment in Virginia’s bioscience and advanced technology industry. The total package includes at least $15 million in new money over funding levels in the previous state budget.
The funding will support Virginia’s successful technology-based economic development initiatives as well as a new life sciences initiative:
- Refundable R&D Tax Credit for companies ($15M over biennium)
- Commonwealth Research and Commercialization Fund (CRCF) and SBIR Match for companies ($12M over biennium)
- Angel Investor Tax Credit for investors ($10M over biennium)
- Virginia Life Science Research Initiative ($10M over biennium)
In addition, the Governor is proposing to extend the sunset of the capital gains exclusion from 2013 to 2015.
Governor McDonnell, Secretary Chang and Mark Herzog, VABIO executive director.
“Governor McDonnell and Lieutenant Governor Bolling are to be commended for their strong support of these proven technology-based economic development programs,” said Mark A. Herzog, executive director of the Virginia Biotechnology Association. “Bioscience jobs pay approximately $40,000 above the average annual salary. These initiatives will create more job opportunities in many regions across Virginia.”
The proposed budget will now be taken up by the Virginia General Assembly which convenes this month.
Details from the media conference are available here: http://www.governor.virginia.gov/News/viewRelease.cfm?id=1069.
