Kaine signs economic development bills

Posted to: News Virginia
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The Associated Press
© March 27, 2009

RICHMOND

Gov. Tim Kaine has signed several pieces of legislation that he says will attract high-paying jobs to Virginia.

One bill allows the state to help finance projects that have a substantial regional economic impact, create at least 400 full-time jobs and include a capital investment of at least $250 million. Another increased grant programs for expansions and consolidations of existing Virginia businesses.

Another piece of legislation amended eligibility requirements for a grant program to be able to offer incentives for companies to locate headquarters and other operations in Virginia.

Legislators also extended for 10 years a tax credit program for large businesses that allow them to claim a $1,000 credit for each job over a specified threshold.

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