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Virginia Economic Development Partnership Jeffrey M. Anderson Executive Director

Virginia Economic Development Partnership Jeffrey M. Anderson Executive Director. FY2009 VEDP Budget Requests. FY2010 VEDP Budget Requests. Additional Legislative Studies. Single Sales Factor Tax Apportionment Corporate Income Tax Study Premium tax rates for insurance company HQs

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Virginia Economic Development Partnership Jeffrey M. Anderson Executive Director

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  1. Virginia Economic Development Partnership Jeffrey M. Anderson Executive Director

  2. FY2009 VEDP Budget Requests

  3. FY2010 VEDP Budget Requests

  4. Additional Legislative Studies • Single Sales Factor Tax Apportionment Corporate Income Tax Study • Premium tax rates for insurance company HQs • DBA Consolidation Study • Science and Technology Study

  5. City of Newport News

  6. GOVERNOR’S OPPORTUNITY FUND • Updated Guidelines and Performance Agreement • Found at www.virginiaallies.org • Size: Typical maximum GOF is $1,500,000 • Extensions: Up to 15 months in consultation with VEDP • CapEx Target: Greater flexibility to count leased facilities

  7. Governor’s Opportunity Fund Return on Investment VEDP Monitors Actual Return on Invested Capital for Projects Receiving GOF • Performance data from FY2002-FY2006 (updated quarterly) • 128 projects received GOF • GOF Disbursements- $53.1 million • Total Incentive Grants - $133.1 million (TROF, VJIP, VIP, EZ, etc.) Results to Date (since FY2002) • Gross Revenue $602.8 million • Net State Revenue $469.7 million Projected 10 Year Returns on Existing Companies • Gross Revenue $1,589.7 million • Net State Revenue $1,456.7 million • State Benefit to Cost Ratio: $12 to $1

  8. Notable Activities • Division of International Trade was the recipient of the Presidential E-Star Award, the nation’s highest export award (one of four in the country) • Ranked #3 in Pollina’s Top Ten in Economic Development • Governor’s CEO Dinner – May 14

  9. Marquee Upcoming Events • West Coast Marketing Trip/VA Chamber Executive Reception – June 17-19 • Farnborough/Europe Marketing Trip – July 13-18 • Virginia Conference on World Trade – Norfolk – October 16

  10. VEDP New Hires

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