Virginia Gov. Bob McDonnell did not use the word “manufacturing” in his State of the State address delivered Wednesday, but he did discuss the state’s business climate, government economic development incentives, and workforce issues, the building blocks of a growth and jobs agenda backed by Virginia’s manufacturers. From the text:
In mid-December we announced our “Opportunity at Work” budget and legislative proposals calling for $54 million in new state funding to help us better compete with Maryland and North Carolina; India and China.
Among the proposals are $25 million for a Virginia Research and Technology Innovation Program; $5 million in funding for Virginia Small Business Financing Authority, to help small businesses gain access to capital; additional funding for Virginia’s growing tourism, wine and film industries, investments in successful workforce development programs, and improvements to industrial sites and enterprise zones….
Government can’t create jobs, but it can create the conditions and incentives that unleash the genius of the entrepreneur. Your approval of this money and legislation will keep us on the winning path.
The “Opportunity at Work” budget announced on Dec. 15 seeks to support the efforts of the newly established Economic Development and Jobs Creation Commission. Among McDonnell’s proposals are:
- Virginia Research and Technology Innovation Fund (VRTIF) – $25 million
- Clean Energy Manufacturing Incentive Grant (CEMIG)
- Virginia Port Tax Incentive – $5 million
- Refundable Research and Development Tax Credit – $5 million
The December news release included a statement from Brett Vassey, President & CEO of Virginia Manufacturers Association: “Virginia manufactured goods make up over 80% of the Commonwealth’s exports and increasing domestic exports is important to Virginia’s economic recovery. The Virginia Port Tax Credit incentive proposed by Governor McDonnell will improve the competitiveness of the Port of Virginia and incentivize manufacturers to ship more products through Virginia.”