Virginia Investment Performance Grants. Authorizes Virginia Investment Performance Grants to be awarded under more lenient requirements if the recipient is located in a locality with an unemployment rate and poverty rate that exceeds the state average. Specifically, the bill would authorize payment of such grants if the average wage paid by the eligible manufacturer or research and development service, excluding fringe benefits, is no less than 85 percent of the prevailing average wage. Grants may be paid for projects in such localities that pay less than 85 percent of the prevailing average wage, upon a written finding by the Governor that the economic circumstances in the area are sufficiently distressed such that assistance to the locality to attract the project is justified. However, the minimum private investment and number of new jobs required to be created are still a condition of eligibility. This bill is identical to SB 1231.

Statutes affected:
Introduced: 2.2-5101
Engrossed: 2.2-5101
Finance and Appropriations Substitute: 2.2-5101
Enrolled: 2.2-5101
Chaptered: 2.2-5101