Tech Council Asks Legislature to Ramp Up Incentives

HERNDON, VA—The Northern Virginia Technology Council in a letter to state lawmakers is asking the legislature to increase funding for the Center for Innovative Technology GAP Funds program.

The GAP Funds program invests in start-up companies. State funding for the program was reduced due to state budgetary shortfalls, according to the Washington Post. The council's request for the GAP program was part of the NVTC's 2015 legislative agenda sent to all members of the Virginia General Assembly and to Gov. Terry McAuliffe, the lieutenant governor, attorney general and senior officials of the McAuliffe administration. The legislature will open for session next week in Richmond.

NVTC said the CIT GAP Funds program has funneled $16.1 million in state funds into 128 businesses across Virginia. As of Sept. 30, those companies had attracted $257.3 million from private investors.

Among the other legislative priorities of the council include:

• Extending Virginia's capital gains exemption for investments in technology, life sciences and energy businesses;

• Providing Virginia's Mach37 Cyber Accelerator with statutory and budget authority to accept private sector funding and investment to support its operations; and

• Launching a new veterans employment performance grant incentive to encourage small and mid-size businesses to hire veterans. See story in the Washington Post.