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 Capital Access Program (CAP), in partnership with Virginia’s Small Business Financing Authority, provides access to capital for small businesses. Businesses must apply to participating banks for a traditional loan, and the lender advises the company of enrollment in CAP. The program offers loan guarantees on a portfolio of loans through a loan loss reserve, which it establishes at each participating bank. Funds can be used for general working capital and fixed-asset financing. The maximum loan amount is $250,000.
A permit is required for any activity within a Class I or Class II wetland or wetland buffer zone which is not an allowed use. Activity in Class I or Class II wetland or its associated buffer zone is prohibited unless it is an allowed use or authorized by a permit, etc. Applicants have the burden to show that a proposed activity in Class I or Class II wetland or its buffer zone complies with rules and will not have undue adverse effect on protected functions and values.
The Vermont Sustainable Job Fund offers grants, loans, and technical assistance. VSJF's grant-making depends on the funds it raised and its strategic market development focus. Grant proposals are solicited through an RFP process or for particular initiatives. The current focus is on the intersection between renewable energy, sustainable agriculture, and sustainable forest products.
The Vermont Seed Capital Fund increases the amount of investment capital available to new Vermont firms or to existing Vermont firms for the purpose of expansion. The first $5 million of capitalization contributed by taxpayers on or before January 1, 2014. Lesser of 4% of contribution or 50% of tax liability prior to allowance of this credit. There is a four year carry forward. Maximum aggregate credit 20% of contribution. Credit is nontransferable except from an involuntary transfer of interest in the credit.
The Act 250 program provides a public, quasi-judicial process for reviewing and managing the environmental consequences of major developments in Vermont. The program is implemented through 9 district commissions. The district commissions review criteria such as impacts on water and air quality, water availability, soil erosion, transportation impacts, impacts to natural and scenic beauty, and conformance with local and regional plans.
These regulations are intended to protect public health and the environment by comprehensively regulating the generation, storage, collection, transport, treatment, disposal, use, reuse, and recycling of hazardous waste in Vermont.
The purpose of the Employment Growth Incentive (VEGI) is to encourage job creation in Vermont by a Vermont company, a Vermont division of a company that plans to grow and expand in Vermont, a company considering locating a new business or division in Vermont, or a Vermont start-up business activity. VEGI can provide a cash payment, based not the revenue return generated to the state by prospective qualifying job and payroll creation and capital investments, to businesses that have been authorized to earn the incentive and who then meet performance requirements.