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Governor’s Commission on Job Creation and Economic Development – An Update

Governor’s Commission on Job Creation and Economic Development – An Update. Chris Lloyd August 19, 2010. Origins of the Commission. Governor McDonnell’s first executive order Led by Lt. Governor Bolling and Bob Sledd 63 member commission

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Governor’s Commission on Job Creation and Economic Development – An Update

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  1. Governor’s Commission on Job Creation and Economic Development – An Update Chris Lloyd August 19, 2010

  2. Origins of the Commission • Governor McDonnell’s first executive order • Led by Lt. Governor Bolling and Bob Sledd • 63 member commission • 9 subcommittees – Energy, Small Business, Business Development, Business Recruitment, Workforce Training, Tourism, Economically Distressed Communities, Manufacturing and Technology

  3. Virginia Snapshot • SRI study outlined Virginia’s strengths and weaknesses • Virginia poorly positioned for industries of the future • Underinvestment in higher education/R&D hurting Virginia’s competitiveness • Virginia has been absent from the advertising market for 10 years • Other states are angling for our #1 ranking

  4. 2010 Legislation Review • Reduction of MBFJTC threshold to 50 jobs • Significant new funding for GOF, VJIP, VEDP marketing • Authorization of new overseas trade offices • New “tranche” of funding for VEDIG • Green jobs tax credit - $500 • Expanded film production incentives • Increased funding for tourism

  5. Our Competition • North Carolina – adopted HB 1973 “Keeping North Carolina Competitive Act of 2010” – significant new incentives for data centers, large manufacturing projects, clean up of Article 3J tax credit provisions, new film incentives • South Carolina – HB 4476 expanded FILOT to 30 years, allows nuclear facilities to be eligible for all state programs, cleaned up tax credit programs

  6. Our Competition • Florida – enacted SB 1752 - significant additional money for state-local matching incentives, expansion of QTI tax credits, $15 million contingent appropriation for Quick Action Deal Closing Fund • Tennessee – significant new flexibility in administration of existing programs (relocation expenses credits, etc.), new energy related programs

  7. Commission Guiding Principles • Job creation must be the focus • Economic development programs must be results oriented with strong ROI • Virginia must meet its commitments • We must invest in the industries of the future • We must have ready to go sites • Regional cooperation is essential • Incentive programs should be flexible

  8. Issues Under Consideration • Examination/reform of taxes impacting corporations – corporate income tax, BPOL, machinery and tools • Incentives for regional cooperation • Texas Enterprise Fund • Creation of new incentive tools focused on high tech • Boost Virginia’s economic development marketing budget

  9. Issues Under Consideration • Review effectiveness of existing tax credit programs • Increased small business program funding • Better integration of existing workforce development programs – make them business focused • Enhance role of higher education in economic development • Reinvigorate Virginia’s tourism marketing and product development efforts

  10. Infrastructure and Economic Development Service| Federal Public Affairs | Strategic Communications & Grassroots Mobilization State & Local Government Affairs | Emerging European Markets Atlanta • Charlotte • Charlottesville • Chicago • Columbia • Raleigh Springfield • Tyson’s Corner • Washington, D.C. | Bucharest, Romania www.mcguirewoodsconsulting.com

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