McDonnell signs economic development measures
- March 30, 2010
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.