The Virginia Regional Industrial Facilities Act is meant to aid the economic development of localities within the Commonwealth. The Act provides a mechanism for localities to establish regional industrial facility authorities, enabling them to pool financial resources to stimulate economic development. The purpose of a regional industrial facility authority is to enhance the economic base for the member localities by developing, owning, and operating one or more facilities on a cooperative basis involving its member localities.
The Virginia Offshore Wind Development Authority is a public body, established for the purposes of facilitating, coordinating, and supporting the development, either by the Authority or by other qualified entities, of the offshore wind energy industry, offshore wind energy projects, and associated supply chain vendors.
The Virginia Jobs Investment Program provides cash grants to existing businesses which seek expansion or new facility locations. The company must create a minimum of 25 net new jobs within 12 months from the date of first hire and make a capital investment of at least $1,000,000.
The Virginia Jobs Investment Program offers three programs to both new and existing businesses.
New Jobs Program: For companies or start ups expecting significant growth in the next three years.
It is the policy of the Commonwealth of Virginia to foster the development, production, and utilization of geothermal resources, prevent waste of geothermal resources, protect correlative rights to the resource, protect existing high quality state waters and safeguard potable waters from pollution, safeguard the natural environment, and promote geothermal and water resource conservation and management. The Department of Mines, Minerals, and Energy is responsible for implementing regulations pertaining to the exploration, development, production, and conservation of geothermal resources.
The Gas and Oil Act addresses the exploration, development, and production of oil and gas resources in the Commonwealth of Virginia. It contains provisions pertaining to wells and well spacing, permits and fees, ownership of coalbed methane gas, and land leases. No county, city, town or other political subdivision of the Commonwealth may impose any condition, or require any other local license, permit, fee or bond to perform any gas, oil, or geophysical operations which varies from or is in addition to the requirements of this chapter.
The Virginia Enterprise Zone Job Creation Grant provides cash grants to businesses located in Enterprise zones that create permanent new jobs over a four-job threshold. State incentives are available to businesses and zone investors who create jobs and invest in real property within the boundaries of enterprise zones. The positions must pay at least 175 percent of the federal minimum wage rate and the availability of health benefits. The cash grant maximum is $500 per position and may be claimed for up to five years.
The 2010 Virginia Energy Plan affirms the state's support for the development of renewable energy. The Plan assesses the state’s energy picture through an examination of the state’s primary energy sources: electricity, coal, nuclear, natural gas, renewables, and petroleum.
The Virginia Electric Utility Regulation Act constitutes the main legislation in Virginia that pertains to the regulation of the state's electric utilities. The Act directs the State Corporation Commission to construct regulations for electric utilities, and contains information on rate regulations. Section 56-585.2 specifically pertains to the integration of renewable energy sources into the electric grid through the state's renewable portfolio program. More specific regulations can be found in the state's Administrative Code.
The Virginia Economic Development Incentive Grant is a discretionary cash grant, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative or service sector operations in Virginia. The program requires a capital investment of at least $5 million or $6,500 per job (whichever is greater) and job creation thresholds ranging between 200-400 depending upon the locality.
The Virginia Coalfield Economic Development Authority (VACEDA) was created in 1988 to encourage economic development in the western section of the state. The Authority administers incentive and financing programs designed to encourage new job creation and economic diversification, specifically in the electronic information technology, energy, education, and emerging technology sectors.