McDonnell seeks $37M more for Va. development

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By Julian Walker
The Virginian-Pilot
© January 5, 2012

RICHMOND

Gov. Bob McDonnell is seeking nearly $37 million in additional economic development funds to continue his efforts to bring jobs to Virginia.

At a briefing Wednesday, McDonnell highlighted those financial tools – they’re built into his proposed two-year, $85 billion budget – and some of the job growth legislation his administration is backing in this winter’s General Assembly session, which begins Jan. 11.

The package of bills includes a measure to allow an individual income tax credit for qualififed investments made to small businesses. Companies with less than $10 million in revenue and fewer than 250 employees are likely to be eligible under the legislation. That means it could apply to some 290,000 Virginia businesses.

McDonell’s budget has $10 million for a life sciences initiative and $4 million for improvements to the Wallops Island rocket launch site.

It also proposes funding for modeling and simulation and cyber security initiatives, tourism promotion, an advanced manufacturing effort, and job training programs, among other items.

At the governor’s request, lawmakers have already approved about $100 million worth of economic development incentives funds.

So far during this administration, Lt. Gov. Bill Bolling said 671 deals have been closed that are expected to bring more than 43,000 jobs to Virginia. Many of those pacts were sealed without the use of public incentives funds, Bolling noted.

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Perspective skewed by politics

Submitted by sully428 on Thu, 01/05/2012 at 11:26 am.

The Pre-K report was wrong. It isn't being cut. (With Pilot's concucrrance...I could not find the Pilot link): Read the first paragraph here:
http://www.roanoke.com/news/breaking/wb/302555

Secondly, the recent jobs announced here/coming here are anything BUT minimum wage. http://hamptonroads.com/2011/09/two-warehouses-250-jobs-coming-suffolk

I've looked thru the other links here on Pilot announcements. I haven't seen these between-the-lines minimum wage jobs being mentioned on here.

Try to open your perspectives a little more rather than focusing on the "R" after the governor's name, and I'll try to do the same regarding the "D" after the President's name.

Jobs for Virginia

Submitted by madmikehoar on Thu, 01/05/2012 at 10:13 am.

I can see the Headlines "Jobs for Virginians". But, when you read between the lines, you find they are minimum wage paying jobs, with no health care benefits, or the cost of medical insurance is so high, the employees cannot afford them. Then the hospitals become burdened with people who cannot afford to pay, school lunch programs, food stamps, etc, all paid for by the tax payers, but Bob gets credit for bring jobs to VA. And how about the tax payers who also have to take a hit because Bob, gives the company a free ride for the next ten years. And the drama goes on and on. Next in line we have the Ken and Bolling running for office. Heirs apparent? I hope not. Wake up Virginians!!

Oops

Submitted by Viewpoint2 on Thu, 01/05/2012 at 11:01 am.

Bob McDonnell is Virginia's own Rick Perry with his vision for low wage, poor benefits jobs like they do in Texas.

McDonald (McDonnell) is seeking nearly $37 million

Submitted by heidihoneighbor on Thu, 01/05/2012 at 7:46 am.

Take 37 million from the taxpayers in FEES, and then minus 2 million for creating more Government jobs, and Government contractor jobs.

Mickey D apparently didn't take his math classes very seriously.

Why doesn't he seek 37 million more to cover the high tolls that the working class aren't going to be able to afford next fall.

Another Special Interest Scheme

Submitted by Viewpoint2 on Wed, 01/04/2012 at 10:21 pm.

Bob McDonnell wants yet another giveaway to special interests after he has already squandered millions in tax dollars to Hollywood film producers so his wife and daughter can make cameo movie appearances. This is the same governor who wants to scale back funding for pre-kindergarten education. His own Lieutinent Governor says public incentives are not needed to lure most of the jobs to Virginia. Bad government, wasteful spending, and wrong priorities.

let the market decide

Submitted by mikewill on Wed, 01/04/2012 at 8:14 pm.

Let the market decide or give the money to VB for the hotel at the convention center.

The best jobs

Submitted by AndrewJackson on Wed, 01/04/2012 at 8:03 pm.

The best jobs taxpayer's money can buy. What happened to letting the market decide and letting private business pay for what will make them money? Just another tax/toll/fee, borrow, and spend Republican.

So you would like Virginia

Submitted by alsmuv on Fri, 01/06/2012 at 12:35 am.

So you would like Virginia to not fight for jobs through incentives and let all the other states use these tools of incentives to get those jobs while VA watch on the sidelines? SMDH

Other choices

Submitted by suffolksplit on Thu, 01/05/2012 at 9:34 am.

They will go somewhere else that gives them incentives. This is similar to tenant improvement (TI) money where a landlord pays someone to open a business on their property. The tenant should pay enough rent over time to make that up plus some. These businesses should create enough tax revenue over time to do the same. If that isn’t happening, that is the time to complain.