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McDonnell announces job creation investments

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Gov. Bob McDonnell announced Monday that he has bi-partisan support for $50 million in job-growth and economic development investments.

Senate Finance Committee Chairman Charles Colgan, a Democrat from Prince William County, and Sen. William Wampler, R-Bristol, will carry McDonnell’s budget amendment proposals in the Senate. House Appropriations Committee Chairman Lacey Putney, an independent from Bedford, will introduce the amendments in the House of Delegates.

McDonnell’s plans call for:

  • Doubling the Governor’s Opportunity Fund in fiscal year 2011 by $12.1 million
  • Spending $5 million to a state industrial mega-site fund
  • Establishing economic development offices in China, India and the United Kingdom ($2 million)
  • Raising the cap on a Qualified Equity and Subordinated Debt Investment Tax Credit $3 million to $5 million.
  • Spending $3 million to create wet lab facilities.
  • Using $2 million to reestablish funding for the Business Incubator Program.
  • Increasing state funding for the Virginia Tourism Corp. by $3.6 million each year.
  • Increasing the Governor’s Motion Picture Promotion Fund.
  • Raising the funding for the state’s loan guarantee program by $1 million over two years
  • Increasing money for the Virginia Jobs Investment Program by $6.5 million in fiscal year 2011. McDonnell also proposed ways to offset the investments, including a $21 million increase in revenue from Virginia tax amnesty program, not filling vacant positions at the Department of Correctional Education, and $25 million by spreading the state contribution to the Virginia Retirement System.

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