McDonnell signs economic development measures

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Gov. Bob McDonnell signed into law today a number of initiatives on his economic development plan.

McDonnell signed the bills at the Center for Innovative Technology and Northern Virginia Technology Council in Herndon.

The measures include:

  • Provides an income tax deduction for capital gains on investments in technology, biotechnology, or science startup business in Virginia that has less than $3 million in annual revenues.
  • Allows businesses in other states to receive a temporary license or certification for up to 45 days.
  • Establishes a Specialized Biotechnology Research Performance Grant Program, which could provide up to $22 million for the Ignite Institute if its makes a capital investment of $200 million and creates at least 415 new jobs.
  • Changes title of the executive director of the Virginia Economic Development Partnership to CEO.
  • Expands uses of the Governor’s Opportunity Fund to include construction or renovation of privately owned buildings.


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