Economic Development Incentive Payments (312)
| Request Title | Provide funding for proposals to create biotechnology spinoff companies |
| Biennium | 2016-2018 |
| Budget Round | Initial Bill |
| Category | New general fund spending initiatives |
| Region | None |
Description
|
Provides funding for a collaboration to create biotechnology spinoff companies. The funding will be on a competitive grant basis. Proposals will be vetted through the Virginia Biosciences Health Research Corporation to evaluate merit, and reviewed by the Major Employment and Investment (MEI) Project Approval Commission for financial and programmatic value before being approved for funding. |
Funding Summary
| Object Type | FY 2016 | FY 2017 | |
| General Fund Dollars | $30,000,000 | $30,000,000 | |
| Nongeneral Fund Dollars | $0 | $0 | |
| General Fund Positions | 0.00 | 0.00 | |
| Nongeneral Positions | 0.00 | 0.00 | |
| General Fund Transfers | $0 | $0 | |
| General Fund Revenue | $0 | $0 | |
| Layoffs | $0 | $0 | |
| Additions to Balance | $0 | $0 |
Funding Details
| By Program | Program Code | Program Title | FY 2016 | FY 2017 |
| 534 | Economic Development Services | $30,000,000 | $30,000,000 | |
| By Fund | Fund Code | Fund Title | FY 2016 | FY 2017 |
| 01000 | General Fund | $30,000,000 | $30,000,000 |
Authorized Position Details
| By Program | Program Code | Program Title | FY 2016 | FY 2017 |
p3_opview - Official Enacted Budget View Operating Bullet Details - 07-31-2025 06:15:58
