Virginia Governor Bob McDonnell proposes spending to recruit new Virginia Jobs in many sectors, including manufacturing, finance, and government.

According to his office, here are some of his plans:

–Adding $12.1 million next year to the Governor’s Opportunity Fund.

–$5 million next year for a state industrial mega-site fund.

–$2 million over the next two years for Virginia trade offices in China, India and the United Kingdom.

–Raising the cap on the Qualified Equity and Subordinated Debt Investment Tax Credit from $3 million to $5 million next year. Using $3 million for a bioscience “wet lab” and using $2 million for a business incubator program next year.

–Boosting Virginia Tourism Corp. funding by $3.6 million each of the next two years and increasing the Governor’s Motion Picture Opportunity Fund by $2 million next year.

–Depositing $1.5 million from the Wine Liter Tax into the Wine Promotion Fund the next two years.

–Increasing the Loan Guarantee Program by $1 million next year.

–$1 million for the Business One Stop Program the next two years.

–Add $6.5 million to Virginia Jobs Investment Program next year.

Where the Money’s Coming From

–$21 million from Virginia’s tax amnesty program.

–$500,000 from eliminating a capital outlay contingency reserve.

–$4 million saved by not filling vacant positions at the Department of Correctional Education.

–$1.2 million by deferring equipment purchases at the Department of Corrections.

–$25 million in annual state outlays saved by phasing in state employee pension fund contribution increases over the next two years.

–$5 million from an offset of state funding with additional federal grant funding for food stamp program administration.

This entry was posted on Wednesday, February 10th, 2010 at 11:04 pm and is filed under Virginia, Jobs, Government, Manufacturing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.