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Staff: HB30 proposes inland port funding and targeted economic development investments
Summary
Commerce and labor staff said HB30 proposes roughly $52 million in new biennial spending in commerce and labor, including $35 million for an inland port in Washington County, $35 million for the Institute for Biotechnology at UVA and projects tied to Eli Lilly, Hitachi and AstraZeneca under consideration.
Kim, the commerce and labor staff presenter, summarized commerce proposals in the caboose and biennial bills and highlighted both savings and investments. For the caboose bill (HB29) staff identified about $33.9 million in savings in FY26 from programs such as Go Virginia and enterprise zone adjustments.
For the new biennium (HB30), Kim said the commerce and labor area proposes roughly $52 million in new spending, primarily made up of a $35 million allocation for creation of an inland port in Washington County, $35 million proposed for the Manning Institute/Institute for Biotechnology at UVA, $10 million for business‑ready sites and $5 million to capitalize the Virginia sports tourism program.
Kim also said the General Assembly will consider several large economic development projects this session (staff listed Eli Lilly, Hitachi and AstraZeneca) and that HB30 contains funding for a range of business incentive and site readiness activities; staff noted reductions to Go Virginia and the enterprise zone program reflecting utilization trends.
The committee will examine the programmatic details and project proposals during subcommittee deliberations.
