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 2, 2024 Acts of Assembly, Special Session 1 $93,836,649 $150,000 $93,986,649
2024-2026 2025 Base Budget $152,547,290 $150,000 $152,697,290
2024-2026 2025 Governor's Amendments $128,839,151 $0 $128,839,151
2024-2026 2025 General Assembly Adjustments ($187,549,792) $0 ($187,549,792)
2024-2026 2026 Chapter 2, 2024 Acts of Assembly, Special Session 1 $86,035,426 $150,000 $86,185,426
2024-2026 2026 Base Budget $152,547,290 $150,000 $152,697,290
2024-2026 2026 Governor's Amendments ($15,462,119) $0 ($15,462,119)
2024-2026 2026 General Assembly Adjustments ($51,049,745) $0 ($51,049,745)
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 2, 2024 Acts of Assembly, Special Session 1 0.00 0.00 0.00
2024-2026 2025 Base Budget 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 2, 2024 Acts of Assembly, Special Session 1 0.00 0.00 0.00
2024-2026 2026 Base Budget 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)
•
Continue Chapter 1 funding changes: Business Ready Sites Program Fund Decision Package
  Provides for the ongoing impact of appropriation changes included in Chapter 1, 2023 Special Session I, bringing the base for Virginia Business Ready Sites to $150.0 million the first year and $50.0 million the second year.
 
  FY FY
General Fund $95,500,000 ($4,500,000)
•
Continue Chapter 1 funding changes: Virginia Business Ready Sites Acquisition Fund and Program Decision Package
  Provides for the ongoing impact of appropriation changes included in Chapter 1, 2023 Special Session I, appropriating funding in the first year for the Virginia Business Ready Sites Acquisition Fund.
 
  FY FY
General Fund $25,000,000 $0
•
Adjust appropriation levels for custom grants Decision Package
  Removes, adjusts, and adds appropriation to reflect updated economic incentive payment schedules for custom grants.
 
  FY FY
General Fund ($2,989,849) ($13,157,619)
•
Develop inland port Decision Package
  Provides for preliminary engineering and design, property acquisition, and construction and equipment costs to support the establishment of an inland port within the Mount Rogers Planning District.
 
  FY FY
General Fund $10,000,000 $0
•
Continue Chapter 1 funding changes: Provide additional appropriation for the Virginia Economic Development Incentive Grant Decision Package
  Provides for the ongoing impact of appropriation changes included in Chapter 1, 2023 Special Session I related to the updated incentive schedule for the grant program.
 
  FY FY
General Fund $1,039,000 $1,369,000
•
Increase the Virginia Investment Performance Grant Decision Package
  Adjusts the appropriation level for Virginia Investment Performance grants to reflect the updated payment schedule.
 
  FY FY
General Fund $290,000 $826,500
•
Virginia Business Ready Sites Funding General Assembly Adjustment
  This amendment provides a $20.0 million from the general fund base budget for the Virginia Business Ready Sites Program.
 
  FY FY
General Fund ($130,000,000) ($30,000,000)
•
Adjust Amazon HQ2 Advance Payments General Assembly Adjustment
  This amendment reduces proposed advance deposits to the Major Headquarters Workforce Grant Fund by $21.3 million each year. With a deposit of $42.5 million from the general fund over the biennium combined with previous appropriations, $163.0 million will be available for payments to Amazon starting in fiscal year 2027.
 
  FY FY
General Fund ($21,250,000) ($21,250,000)
•
Redirect New Funding for Business Ready Site Acquisition Fund General Assembly Adjustment
  This amendment redirects $25.0 million the first year from the general fund proposed for the Business Ready Sites Acquisition Fund to other priorities.
 
  FY FY
General Fund ($25,000,000) $0
•
Inland Port in Southwest Virginia General Assembly Adjustment
  This amendment provides $2.5 million fom the general fund in fiscal year 2026 for the continued development of an inland port in Southwest Virginia.
 
  FY FY
General Fund ($10,000,000) $2,500,000
•
Remove Economic Development Project General Assembly Adjustment
  This amendment removes the anticipated grants payments for an economic development incentive project for Morgan Olson. This project is in the process of being canceled and the funds are no longer required.
 
  FY FY
General Fund ($1,300,000) ($1,300,000)
•
Motion Picture Opportunity Fund General Assembly Adjustment
  This amendment adjusts funding for the Motion Picture Opportunity Fund by $1.0 million each year from the general fund that reflects the removal of a one-time investment provided in 2022.
 
  FY FY
General Fund ($1,000,000) ($1,000,000)
•
2024 Special Session I: Increase MPOF General Assembly Adjustment
  Adjusts funding for the Motion Picture Opportunity Fund by $1.0 million in the first year.
 
  FY FY
General Fund $1,000,000 $0
•
Adjust Grant Payments for Wells Fargo General Assembly Adjustment
  This amendment adjusts initial grant payments included in House Bill 30 for the Wells Fargo economic development project.
 
  FY FY
General Fund $208 $255
•
Clarifying Language for AWS Grant Payment General Assembly Adjustment
  This amendment connects the grant payments provided to AWS in House Bill 30 to the budget language in Chapter 1, 2023 Acts of Assembly, Special Session I which makes the company eligible for grant awards from the Cloud Computing Infrastructure Grant Fund.
•
Cost Share for Major Federal Government Investment General Assembly Adjustment
  This amendment authorizes a $40.0 million treasury loan to help secure an investment of up to $400.0 million from the U.S. Navy to build housing for sailors docked in the City of Newport News.
•
HB 233: Economic Development Sites Program General Assembly Adjustment
  This amendment updates language in the budget for the Virginia Business Ready Sites Program to conform with the provisions of House Bill 233 of the 2024 General Assembly.
•
Revise Virginia Business Ready Site Eligibility Requirements General Assembly Adjustment
  This language amendment permits the participation of sites that may be bisected by a roadway or other utility related infrastructure in the Virginia Business Ready Sites Program.


p3_bullets - Official Enacted Budget - 06-07-2025 16:55:40