Economic Development Incentive Payments [312]
Secretarial Area: Commerce and Trade
Operating Budget Summary
This table shows the Governor's proposed budget for the next two years and the agency's official budget for the previous six years.
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Biennium Fiscal Year Source GF NGF Total
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly $41,684,808 $6,280,000 $47,964,808
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly $87,912,498 $6,911,000 $94,823,498
2020-2022 2021 Chapter 1, 2022 Acts of Assembly $70,341,733 $150,000 $70,491,733
2020-2022 2022 Chapter 1, 2022 Acts of Assembly $97,935,483 $150,000 $98,085,483
2021-2024 2022 Chapter1, 2024 Acts of Assembly $155,433,083 $150,000 $155,583,083
2021-2024 2023 Chapter1, 2024 Acts of Assembly $403,463,433 $150,000 $403,613,433
2024-2026 2025 Chapter 725, 2025 Acts of Assembly $150,322,331 $150,000 $150,472,331
2024-2026 2025 Previous Legislative Appropriation $93,836,649 $150,000 $93,986,649
2024-2026 2025 Governor's Amendments $6,035,682 $0 $6,035,682
2024-2026 2025 General Assembly Adjustments $50,450,000 $0 $50,450,000
2024-2026 2026 Chapter 725, 2025 Acts of Assembly $61,581,826 $150,000 $61,731,826
2024-2026 2026 Previous Legislative Appropriation $86,035,426 $150,000 $86,185,426
2024-2026 2026 Governor's Amendments $48,196,400 $0 $48,196,400
2024-2026 2026 General Assembly Adjustments ($72,650,000) $0 ($72,650,000)
Positions Budget Summary
Biennium Fiscal Year Source GF NGF Total
2018-2020 2019 Chapter 1283, 2020 Acts of Assembly 0.00 0.00 0.00
2018-2020 2020 Chapter 1283, 2020 Acts of Assembly 0.00 0.00 0.00
2020-2022 2021 Chapter 1, 2022 Acts of Assembly 0.00 0.00 0.00
2020-2022 2022 Chapter 1, 2022 Acts of Assembly 0.00 0.00 0.00
2021-2024 2022 Chapter1, 2024 Acts of Assembly 0.00 0.00 0.00
2021-2024 2023 Chapter1, 2024 Acts of Assembly 0.00 0.00 0.00
2024-2026 2025 Chapter 725, 2025 Acts of Assembly 0.00 0.00 0.00
2024-2026 2025 Previous Legislative Appropriation 0.00 0.00 0.00
2024-2026 2025 Governor's Amendments 0.00 0.00 0.00
2024-2026 2025 General Assembly Adjustments 0.00 0.00 0.00
2024-2026 2026 Chapter 725, 2025 Acts of Assembly 0.00 0.00 0.00
2024-2026 2026 Previous Legislative Appropriation 0.00 0.00 0.00
2024-2026 2026 Governor's Amendments 0.00 0.00 0.00
2024-2026 2026 General Assembly Adjustments 0.00 0.00 0.00
Operating Budget Addenda (in order of greatest impact)
•
Expand the Virginia Business Ready Sites Program Decision Package
  Increases funding for the Virginia Business Ready Sites Program, bringing the total to $70.0 million the second year.
 
  FY FY
General Fund $0 $50,000,000
•
Shift funding for the inland port to the first year Decision Package
  Transfers appropriation provided for the development of an inland port in the Mount Rogers Planning District from the second year to the first year.
 
  FY FY
General Fund $2,500,000 ($2,500,000)
•
Reauthorize funding associated with an economic development project in Wythe County Decision Package
  Provides funding to reimburse infrastructure costs incurred by Wythe County as of June 30, 2024, per the Commonwealth's commitment to the project.
 
  FY FY
General Fund $3,895,682 $0
•
Authorize appropriation for a new economic development initiative Decision Package
  Provides appropriation for an anticipated incentive payment for a project approved by the Major Employment and Investment Commission contingent on legislation to be considered by the 2025 General Assembly.
 
  FY FY
General Fund $0 $1,400,000
•
Reduce the Virginia Investment Performance Grant appropriation and provide payment flexibility Decision Package
  Updates appropriation for the Virginia Investment Performance Grant based on anticipated distributions and adds language to clarify that any excess funds remaining in the Fund from prior years for projects previously approved shall be appropriated for expenditure in subsequent years.
 
  FY FY
General Fund ($390,000) ($403,600)
•
Update the Virginia Economic Development Incentive Grant Program appropriation schedule Decision Package
  Adjusts appropriation provided for the Virginia Economic Development Incentive Grant based on updated incentive payment schedules.
 
  FY FY
General Fund $30,000 ($300,000)
•
Clarify the use of proceeds from the sale of the Central Virginia Training Center Decision Package
  Adds Appropriation Act language to provide the Department of General Services with flexibility to demolish derelict structures, perform remediation, and market the sale of the Central Virginia Training Center property in Madison Heights, Virginia. The language stipulates that proceeds from the sale of the property shall be deposited in the Behavioral Health and Developmental Services Trust Fund.
•
Adjust Business Ready Sites Funding (101 #10c) General Assembly Adjustment
  This amendment provides an additional $20.0 million from the general fund the first year and reduces the appropriation by $50.0 million from the general fund the second year for the Business Ready Sites Grant Program.
 
  FY FY
General Fund $20,000,000 ($50,000,000)
•
Adjust Amazon HQ2 Advance Payments (101 #2c) General Assembly Adjustment
  This amendment consolidates funding in the first year and reduces the proposed advance deposits to the Major Headquarters Workforce Grant Fund by $13.8 million. With a deposit of $28.7 million the first year combined with previous appropriations, $152.7 million will be available for payments to Amazon starting in fiscal year 2027.
 
  FY FY
General Fund $7,450,000 ($21,250,000)
•
Develop Advanced Laboratory Facility (101 #4c) General Assembly Adjustment
  This amendment provides $7.5 million from the general fund the first year to further the Commonwealth's life sciences initiatives and foster the entrepreneurial ecosystem through development of advanced laboratory space to support companies that might otherwise leave the Commonwealth.
 
  FY FY
General Fund $7,500,000 $0
•
Eastern Shore Economic Development Project (101 #9c) General Assembly Adjustment
  This amendment provides $6.5 million from the general fund the first year to invest in engineering and planning to extend a natural gas pipeline to the Eastern Shore.
 
  FY FY
General Fund $6,500,000 $0
•
Retrofit Lab Space in Roanoke for Life Sciences (101 #7c) General Assembly Adjustment
  This amendment provides $4.0 million from the general fund the first year to retrofit existing lab space in Roanoke, Virginia for an anchor tenant to research and develop new cell/gene therapy technologies.
 
  FY FY
General Fund $4,000,000 $0
•
Reduce Cost of Insulin (101 #6c) General Assembly Adjustment
  This amendment provides $3.0 million from the general fund the first year to invest in the development of a fast-acting insulin to reduce the cost of this drug for consumers to no more than $30 per vial.
 
  FY FY
General Fund $3,000,000 $0
•
Micron Payment Moved to FY 2027 (101 #1c) General Assembly Adjustment
  This amendment removes $1.4 million from the general fund the second year, reflecting the first anticipated incentive payment for Micron. House Bill 2358 and Senate Bill 1208 of the 2025 General Assembly set the parameters for the payment of custom performance grants to the company in exchange for the creation of 340 jobs and invest $2.2 billion and require the first payment to the company in fiscal year 2027. This amendment also addresses a technical update to language included in the introduced budget to reimburse Wythe County for improvements made for Progress Park.
 
  FY FY
General Fund $0 ($1,400,000)
•
Economic Development Project (101 #5c) General Assembly Adjustment
  This amendment provides $1.0 million from the general fund the first year to support the Commonwealth Fusion Systems economic development project in Chesterfield County. Funding previously designated for this project is being reverted, and this action provides support consistent with that for other economic development projects.
 
  FY FY
General Fund $1,000,000 $0
•
Increase Funding for Virginia Motion Picture Opportunity Fund (101 #8c) General Assembly Adjustment
  This amendment provides an additional $1.0 million from the general fund the first year for the Virginia Motion Picture Opportunity Fund. These additional resources will allow the Virginia Film Office to meet its current financial obligations and invest in future projects.
 
  FY FY
General Fund $1,000,000 $0
•
Adjust Sites Language to Reflect Legislation (SB 1275) (101 #3c) General Assembly Adjustment
  This amendment updates budget language to reflect Senate Bill 1275 of the 2025 General Assembly.


p3_bullets - Official Enacted Budget - 06-21-2025 01:05:35