                                 CODE OF VIRGINIA

DEFINITIONS; VIRGINIA JOBS INVESTMENT PROGRAM AND FUND; COMPOSITION; GENERAL
QUALIFICATIONS (§ 2.2-2240.3)

A. As used in this section and &#xA7;&#xA7; 2.2-2240.4, 2.2-2240.5, and
2.2-2240.6, unless the context requires a different meaning:
			&#8220;Capital investment&#8221; means an investment in real property,
personal property, or both, at a manufacturing or basic nonmanufacturing
facility within the Commonwealth that is or may be capitalized by the company
and that establishes or increases the productivity of the manufacturing
facility, results in the utilization of a more advanced technology than is in
use immediately prior to such investment, or both.
			&#8220;Full-time employee&#8221; means a natural person employed for
indefinite duration in a position requiring a minimum of either (i) 35 hours of
the employee&#8217;s time per week for the entire normal year, which
&#8220;normal year&#8221; shall consist of at least 48 weeks, or (ii) 1,680
hours per year. Seasonal or temporary employees shall not qualify as new
full-time employees under the Program.
			&#8220;Fund&#8221; means the Virginia Jobs Investment Program Fund created in
this section.
			&#8220;Program&#8221; means the Virginia Jobs Investment Program created in
this section.

B. There is hereby created the Virginia Jobs Investment Program to support
private sector job creation by encouraging the expansion of existing Virginia
businesses and the start-up of new business operations in Virginia. The Program
shall support existing businesses and economic development prospects by offering
funding to offset recruiting and training and retraining costs incurred by
companies that are either creating new jobs or implementing technological
upgrades and by providing assistance with workforce-related challenges and
organizational development workshops.

C. The Program shall consist of the following component programs:

   1. The Virginia New Jobs Program;

   2. The Workforce Retraining Program; and

   3. The Small Business New Jobs and Retraining Programs.

D. To be eligible for assistance under any of the component programs of the
Program, a company shall:

   1. Create or sustain employment for the Commonwealth in a basic sector
   industry or function, which would include businesses or functions that
   directly or indirectly derive more than 50 percent of their revenues from
   out-of-state sources, as determined by the Authority;

   2. Pay a minimum entry-level wage rate per hour of at least 1.2 times the
   federal minimum wage or the Virginia minimum wage, as required by the Virginia
   Minimum Wage Act (&#xA7; 40.1-28.8 et seq.), whichever is higher. In areas
   that have an unemployment rate of one and one-half times the statewide average
   unemployment rate, the wage rate minimum may be waived by the Authority. Only
   full-time positions that qualify for benefits shall be eligible for
   assistance;

   3. Meet such additional criteria as may be set forth by the Authority.

E. There is hereby established in the state treasury a special nonreverting fund
to be known as the Virginia Jobs Investment Program Fund (the Fund). The Fund
shall consist of any moneys appropriated thereto by the General Assembly from
time to time and designated for the Fund. Any moneys deposited to or remaining
in the Fund during or at the end of each fiscal year or biennium, including
interest thereon, shall not revert to the general fund but shall remain in the
Fund and be available for allocation under this article in ensuing fiscal years.
Moneys in the Fund shall be used solely for grants to eligible businesses as
permitted by the Program. The total amount of funds provided to eligible
businesses under the Program for any year, shall not exceed the amount
appropriated by the General Assembly to the Fund for such year, plus any
carryover from previous years. Expenditures and disbursements from the Fund
shall be made by the State Treasurer on warrants issued by the Comptroller upon
written request signed by the President and Chief Executive Officer or his
designee. The Fund shall be administered by the President and Chief Executive
Officer.

HISTORY: 2014, cc. 41, 464; 2021, Sp. Sess. I, c. 16.