A. This chapter shall be known and may be cited as the "Virginia InvestmentPartnership Act."
B. As used in this chapter, unless the context requires a different meaning:
"Average manufacturing wage" means that amount determined by the VirginiaEmployment Commission to be the average wage paid manufacturing workers in alocality or region of the Commonwealth.
"Average nonmanufacturing wage" means that amount determined by theVirginia Employment Commission to be the average wage paid nonmanufacturingworkers in basic employment in a locality or region of the Commonwealth.
"Basic employment" means employment that brings new or additional incomeinto Virginia and adds to the gross state product.
"Capital investment" means an investment in real property, personalproperty, or both, at a manufacturing or basic nonmanufacturing facilitywithin the Commonwealth that is capitalized by the company and that increasesthe productivity of the manufacturing facility, results in the creation,development or utilization of a more advanced technology than is in useimmediately prior to such investment, or both. In order to qualify as acapital investment, an investment in technology shall result in a measurableincrease in capacity or productivity, a measurable decrease in the productionof flawed product, or both. Expenditures for maintenance, replacement orrepair of existing machinery, tools and real property shall not constitute acapital investment; however, expenditures for the replacement of propertyshall not be ineligible for designation as a capital investment if suchreplacement results in a measurable increase in productivity.
"Eligible company" means, for companies located in a MetropolitanStatistical Area with a population of 300,000 or more in the 2000 census, aVirginia employer that:
a. (i) creates or causes to be created at least 400 jobs with averagesalaries at least 50 percent greater than the Prevailing Average Wage or (ii)creates or causes to be created at least 300 jobs with average salaries atleast 100 percent greater than the Prevailing Average Wage, and
b. makes a capital investment of at least $5 million or $6,500 per job,whichever is greater.
For all companies located elsewhere in Virginia, "eligible company" shallmean a Virginia employer that creates or causes to be created at least 200jobs with average salaries at least 50 percent greater than the PrevailingAverage Wage, and making a capital investment of at least $6,500 per job.
"Eligible manufacturer or research and development service" means anexisting Virginia manufacturer or research and development service that makesa capital investment of at least $25 million that is announced on or afterJune 1, 1998, which investment does not result in any net reduction inemployment within one year after the capital investment has been completedand verified. Any entity participating in any other production grant programin the Commonwealth shall not be an eligible manufacturer or research anddevelopment service.
"Eligible research and development service" means an existing Virginiaresearch and development service that supports manufacturing and that makes acapital investment of at least $25 million, which investment does not resultin any net reduction in employment within one year after the capitalinvestment has been completed and verified. Any entity participating in anyother production grant program in the Commonwealth shall not be eligible.
"Existing Virginia manufacturer" means a manufacturer that has a legalpresence within the Commonwealth for at least five years prior to making theannouncement of the capital investment that makes it an eligible manufacturer.
"Flawed product" means an irregular unit of goods that cannot be sold to anend user.
"Fund" means the Virginia Investment Partnership Grant Fund createdpursuant to § 2.2-5104, comprised of (i) the Major Eligible Employer Grantsubfund, (ii) the Investment Performance Grant subfund, and (iii) theEconomic Development Incentive Grant subfund.
"Major eligible employer" means an existing Virginia manufacturer or anyother nonmanufacturing basic employer that makes a capital investment of atleast $100 million and creates at least 1,000 jobs, or corporate headquartersand other basic employers that make a capital investment of at least $100million and create at least 400 jobs paying at least twice the prevailingaverage wage for the area.
"Manufacturer" means a business firm owning or operating a manufacturingestablishment as defined in the Standard Industrial Classification Manualissued by the U.S. Office of Management and Budget or the North AmericanIndustry Classification System Manual issued by the United States CensusBureau.
"Net present value of benefits to Virginia" means the present value of theamount by which (i) the anticipated additional state tax revenue expected toaccrue to the Commonwealth as a result of the capital investment and jobscreated, over a period following the completion of the capital investment notto exceed 20 years, exceeds (ii) the value of all incentives provided by theCommonwealth, including any grant under this article, for such capitalinvestment during that period.
"New job" means employment of an indefinite duration at the eligiblefacility, created as the direct result of the capital investment, for whichthe standard fringe benefits are paid by the firm for the employee, requiringa minimum of either (i) 35 hours of an employee's time a week for the entirenormal year of the firm's operations, which "normal year" must consist ofat least 48 weeks or (ii) 1,680 hours per year. Seasonal or temporarypositions, positions created when a job function is shifted from an existinglocation in the Commonwealth to the facility, and positions with contractors,suppliers, and similar multiplier or spin-off jobs shall not qualify as newjobs under this article.
"Partnership" means the Virginia Economic Development Partnership.
"Prevailing Average Wage" means that amount determined by the VirginiaEmployment Commission to be the average wage paid workers in the city orcounty of the Commonwealth where the eligible company is located.
"Productivity" means the number of hours of labor required to produce aunit of goods.
"Research and development service" means a business firm owning oroperating an establishment engaged in conducting research and experimentaldevelopment that supports manufacturing in the physical, engineering and lifesciences as defined in the North American Industry Classification SystemManual issued by the United States Census Bureau.
"Secretary" means the Secretary of Commerce and Trade.
(1999, cc. 875, 961, §§ 2.1-548.43:1, 2.1-548.43:2; 2000, c. 571; 2001, c.844; 2003, c. 17; 2005, c. 431; 2009, cc. 151, 174.)
A. This chapter shall be known and may be cited as the "Virginia InvestmentPartnership Act."
B. As used in this chapter, unless the context requires a different meaning:
"Average manufacturing wage" means that amount determined by the VirginiaEmployment Commission to be the average wage paid manufacturing workers in alocality or region of the Commonwealth.
"Average nonmanufacturing wage" means that amount determined by theVirginia Employment Commission to be the average wage paid nonmanufacturingworkers in basic employment in a locality or region of the Commonwealth.
"Basic employment" means employment that brings new or additional incomeinto Virginia and adds to the gross state product.
"Capital investment" means an investment in real property, personalproperty, or both, at a manufacturing or basic nonmanufacturing facilitywithin the Commonwealth that is capitalized by the company and that increasesthe productivity of the manufacturing facility, results in the creation,development or utilization of a more advanced technology than is in useimmediately prior to such investment, or both. In order to qualify as acapital investment, an investment in technology shall result in a measurableincrease in capacity or productivity, a measurable decrease in the productionof flawed product, or both. Expenditures for maintenance, replacement orrepair of existing machinery, tools and real property shall not constitute acapital investment; however, expenditures for the replacement of propertyshall not be ineligible for designation as a capital investment if suchreplacement results in a measurable increase in productivity.
"Eligible company" means, for companies located in a MetropolitanStatistical Area with a population of 300,000 or more in the 2000 census, aVirginia employer that:
a. (i) creates or causes to be created at least 400 jobs with averagesalaries at least 50 percent greater than the Prevailing Average Wage or (ii)creates or causes to be created at least 300 jobs with average salaries atleast 100 percent greater than the Prevailing Average Wage, and
b. makes a capital investment of at least $5 million or $6,500 per job,whichever is greater.
For all companies located elsewhere in Virginia, "eligible company" shallmean a Virginia employer that creates or causes to be created at least 200jobs with average salaries at least 50 percent greater than the PrevailingAverage Wage, and making a capital investment of at least $6,500 per job.
"Eligible manufacturer or research and development service" means anexisting Virginia manufacturer or research and development service that makesa capital investment of at least $25 million that is announced on or afterJune 1, 1998, which investment does not result in any net reduction inemployment within one year after the capital investment has been completedand verified. Any entity participating in any other production grant programin the Commonwealth shall not be an eligible manufacturer or research anddevelopment service.
"Eligible research and development service" means an existing Virginiaresearch and development service that supports manufacturing and that makes acapital investment of at least $25 million, which investment does not resultin any net reduction in employment within one year after the capitalinvestment has been completed and verified. Any entity participating in anyother production grant program in the Commonwealth shall not be eligible.
"Existing Virginia manufacturer" means a manufacturer that has a legalpresence within the Commonwealth for at least five years prior to making theannouncement of the capital investment that makes it an eligible manufacturer.
"Flawed product" means an irregular unit of goods that cannot be sold to anend user.
"Fund" means the Virginia Investment Partnership Grant Fund createdpursuant to § 2.2-5104, comprised of (i) the Major Eligible Employer Grantsubfund, (ii) the Investment Performance Grant subfund, and (iii) theEconomic Development Incentive Grant subfund.
"Major eligible employer" means an existing Virginia manufacturer or anyother nonmanufacturing basic employer that makes a capital investment of atleast $100 million and creates at least 1,000 jobs, or corporate headquartersand other basic employers that make a capital investment of at least $100million and create at least 400 jobs paying at least twice the prevailingaverage wage for the area.
"Manufacturer" means a business firm owning or operating a manufacturingestablishment as defined in the Standard Industrial Classification Manualissued by the U.S. Office of Management and Budget or the North AmericanIndustry Classification System Manual issued by the United States CensusBureau.
"Net present value of benefits to Virginia" means the present value of theamount by which (i) the anticipated additional state tax revenue expected toaccrue to the Commonwealth as a result of the capital investment and jobscreated, over a period following the completion of the capital investment notto exceed 20 years, exceeds (ii) the value of all incentives provided by theCommonwealth, including any grant under this article, for such capitalinvestment during that period.
"New job" means employment of an indefinite duration at the eligiblefacility, created as the direct result of the capital investment, for whichthe standard fringe benefits are paid by the firm for the employee, requiringa minimum of either (i) 35 hours of an employee's time a week for the entirenormal year of the firm's operations, which "normal year" must consist ofat least 48 weeks or (ii) 1,680 hours per year. Seasonal or temporarypositions, positions created when a job function is shifted from an existinglocation in the Commonwealth to the facility, and positions with contractors,suppliers, and similar multiplier or spin-off jobs shall not qualify as newjobs under this article.
"Partnership" means the Virginia Economic Development Partnership.
"Prevailing Average Wage" means that amount determined by the VirginiaEmployment Commission to be the average wage paid workers in the city orcounty of the Commonwealth where the eligible company is located.
"Productivity" means the number of hours of labor required to produce aunit of goods.
"Research and development service" means a business firm owning oroperating an establishment engaged in conducting research and experimentaldevelopment that supports manufacturing in the physical, engineering and lifesciences as defined in the North American Industry Classification SystemManual issued by the United States Census Bureau.
"Secretary" means the Secretary of Commerce and Trade.
(1999, cc. 875, 961, §§ 2.1-548.43:1, 2.1-548.43:2; 2000, c. 571; 2001, c.844; 2003, c. 17; 2005, c. 431; 2009, cc. 151, 174.)
A. This chapter shall be known and may be cited as the "Virginia InvestmentPartnership Act."
B. As used in this chapter, unless the context requires a different meaning:
"Average manufacturing wage" means that amount determined by the VirginiaEmployment Commission to be the average wage paid manufacturing workers in alocality or region of the Commonwealth.
"Average nonmanufacturing wage" means that amount determined by theVirginia Employment Commission to be the average wage paid nonmanufacturingworkers in basic employment in a locality or region of the Commonwealth.
"Basic employment" means employment that brings new or additional incomeinto Virginia and adds to the gross state product.
"Capital investment" means an investment in real property, personalproperty, or both, at a manufacturing or basic nonmanufacturing facilitywithin the Commonwealth that is capitalized by the company and that increasesthe productivity of the manufacturing facility, results in the creation,development or utilization of a more advanced technology than is in useimmediately prior to such investment, or both. In order to qualify as acapital investment, an investment in technology shall result in a measurableincrease in capacity or productivity, a measurable decrease in the productionof flawed product, or both. Expenditures for maintenance, replacement orrepair of existing machinery, tools and real property shall not constitute acapital investment; however, expenditures for the replacement of propertyshall not be ineligible for designation as a capital investment if suchreplacement results in a measurable increase in productivity.
"Eligible company" means, for companies located in a MetropolitanStatistical Area with a population of 300,000 or more in the 2000 census, aVirginia employer that:
a. (i) creates or causes to be created at least 400 jobs with averagesalaries at least 50 percent greater than the Prevailing Average Wage or (ii)creates or causes to be created at least 300 jobs with average salaries atleast 100 percent greater than the Prevailing Average Wage, and
b. makes a capital investment of at least $5 million or $6,500 per job,whichever is greater.
For all companies located elsewhere in Virginia, "eligible company" shallmean a Virginia employer that creates or causes to be created at least 200jobs with average salaries at least 50 percent greater than the PrevailingAverage Wage, and making a capital investment of at least $6,500 per job.
"Eligible manufacturer or research and development service" means anexisting Virginia manufacturer or research and development service that makesa capital investment of at least $25 million that is announced on or afterJune 1, 1998, which investment does not result in any net reduction inemployment within one year after the capital investment has been completedand verified. Any entity participating in any other production grant programin the Commonwealth shall not be an eligible manufacturer or research anddevelopment service.
"Eligible research and development service" means an existing Virginiaresearch and development service that supports manufacturing and that makes acapital investment of at least $25 million, which investment does not resultin any net reduction in employment within one year after the capitalinvestment has been completed and verified. Any entity participating in anyother production grant program in the Commonwealth shall not be eligible.
"Existing Virginia manufacturer" means a manufacturer that has a legalpresence within the Commonwealth for at least five years prior to making theannouncement of the capital investment that makes it an eligible manufacturer.
"Flawed product" means an irregular unit of goods that cannot be sold to anend user.
"Fund" means the Virginia Investment Partnership Grant Fund createdpursuant to § 2.2-5104, comprised of (i) the Major Eligible Employer Grantsubfund, (ii) the Investment Performance Grant subfund, and (iii) theEconomic Development Incentive Grant subfund.
"Major eligible employer" means an existing Virginia manufacturer or anyother nonmanufacturing basic employer that makes a capital investment of atleast $100 million and creates at least 1,000 jobs, or corporate headquartersand other basic employers that make a capital investment of at least $100million and create at least 400 jobs paying at least twice the prevailingaverage wage for the area.
"Manufacturer" means a business firm owning or operating a manufacturingestablishment as defined in the Standard Industrial Classification Manualissued by the U.S. Office of Management and Budget or the North AmericanIndustry Classification System Manual issued by the United States CensusBureau.
"Net present value of benefits to Virginia" means the present value of theamount by which (i) the anticipated additional state tax revenue expected toaccrue to the Commonwealth as a result of the capital investment and jobscreated, over a period following the completion of the capital investment notto exceed 20 years, exceeds (ii) the value of all incentives provided by theCommonwealth, including any grant under this article, for such capitalinvestment during that period.
"New job" means employment of an indefinite duration at the eligiblefacility, created as the direct result of the capital investment, for whichthe standard fringe benefits are paid by the firm for the employee, requiringa minimum of either (i) 35 hours of an employee's time a week for the entirenormal year of the firm's operations, which "normal year" must consist ofat least 48 weeks or (ii) 1,680 hours per year. Seasonal or temporarypositions, positions created when a job function is shifted from an existinglocation in the Commonwealth to the facility, and positions with contractors,suppliers, and similar multiplier or spin-off jobs shall not qualify as newjobs under this article.
"Partnership" means the Virginia Economic Development Partnership.
"Prevailing Average Wage" means that amount determined by the VirginiaEmployment Commission to be the average wage paid workers in the city orcounty of the Commonwealth where the eligible company is located.
"Productivity" means the number of hours of labor required to produce aunit of goods.
"Research and development service" means a business firm owning oroperating an establishment engaged in conducting research and experimentaldevelopment that supports manufacturing in the physical, engineering and lifesciences as defined in the North American Industry Classification SystemManual issued by the United States Census Bureau.
"Secretary" means the Secretary of Commerce and Trade.
(1999, cc. 875, 961, §§ 2.1-548.43:1, 2.1-548.43:2; 2000, c. 571; 2001, c.844; 2003, c. 17; 2005, c. 431; 2009, cc. 151, 174.)
