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McDonnell/Bolling Jobs & Opportunity Agenda Moves Forward

RICHMOND - Governor Bob McDonnell and Lieutenant Governor Bolling’s Jobs & Opportunity agenda have been met with broad bipartisan support in the first half of the 2010 General Assembly Session.

The “Jobs and Opportunity Agenda”, has enjoyed remarkable success, with 30 of the 34 measures passing as of Friday.

Speaking about the mid-point progress of his bills, the Governor noted, “I am pleased our innovative, common-sense proposals to create jobs, spur economic development, introduce positive options into our public school system and enhance public safety have met with such broad support from legislators of both parties. Our “Jobs and Opportunity Agenda” is being carried by a bipartisan group of lawmakers, and the non-partisan commitment to enacting policies that will help create new jobs for Virginia citizens can be seen in the swift progress being made by the bills.

By taking proactive steps today to incentivize job creation and help entrepreneurs open and expand businesses we will position Virginia well for economic recovery in the years ahead. Creating new jobs for Virginians is the most pressing issue of our time, and I thank all the legislators, from both parties, who are working with us to make this happen.”

“Jobs and Opportunity Agenda”

Job Creation/Economic Development SB 472/HB 624 – Expands the Major Jobs Facilities tax credit

• SB 623/HB 803 – Creates a Green Jobs tax credit
• SB 257/HB 861 – Creates a motion picture film production tax credit
• SB 474/HB 792 – Provides for temporary business licenses
• SB 237/HB 588 – Dedicates a portion of the wine liter tax to wine promotion
• SB 475/HB 380 – Strengthens the criteria for Governor’s Opportunity Fund
• SB 554/ HB 1244 – Allows waiver of local match on Governor’s Opportunity Fund
• SB 730/HB 1381-Establishes a major employment/investment project site planning grant fund SB 428/HB 523 – Grants income tax exemption on capital gains related to investments in science based or bio-tech start-ups
• SB 644/HB 677 – Establishes a biotech research performance grant program HB 555 – Expands Enterprise Zones and reinvests surplus into real property grants SB 481/HB 853 – Expands the Major Jobs Facilities tax credit in economically distressed areas
• SB 658– Establishes HUB Zones to help small businesses in economically distressed areas
• HB 928 – Creates the Universities Clean Energy Development and Economic Stimulus Foundation
• SB 733– Creates the Virginia Small Business Investment Company Credit
• SB 473/HB 604 – Adds the Lt. Gov and Commerce and Trade Secretary to Center for Rural Virginia Board of Trustees HB 1372 – Changes the title of VEDP Executive Director to CEO
• HB 756 – Requires 80% of revenue and royalties from offshore oil and natural gas production to go to transportation HB 1050 – Doubles the long-term care tax credit