Virginia Governor Signs Renewable Energy Legislation

Gov. Bob McDonnell, R-Va., has signed a number of renewable energy bills into law. Among the measures was legislation to provide a $500 tax credit for each green job created in the commonwealth, and a measure establishing the Universities Clean Energy Development and Economic Stimulus Foundation.

S.B.623/H.B.803 allows a $500 tax credit for the creation of green jobs for taxable years beginning Jan. 1, 2010. Each taxpayer is also allowed a credit for up to 350 new green jobs and may qualify for the Enterprise Zone Grant program if the job is located in an enterprise zone.

H.B.928 creates the Virginia Universities Clean Energy Development and Economic Stimulus Foundation as a corporate and a political subdivision of the commonwealth. The foundation shall identify, obtain, disburse and administer funding for research and development of alternative fuels, clean energy production and related technologies; support economic development projects in disadvantaged rural areas; and assist with the commercialization of alternative fuels and clean energy technologies.

SOURCE: Office of Gov. Bob McDonnell

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