Virginia Senate supports $550M in Amazon incentives
RICHMOND, Va. (AP) — The Virginia Senate has voted to support more than a half-billion dollars in incentives for Amazon.
The Richmond Times-Dispatch reports the bill passed 35-5 on Monday would create $550 million in “post-performance” incentives for Amazon, based on job creation.
The bill sponsored by Sen. Frank Ruff, R-Mecklenburg, would establish a fund for state incentive payments for 25,000 high-paying jobs Amazon has promised to create in Arlington County, as well as an additional $200 million if the company later adds 12,850 jobs, The company wouldn’t receive the state money until four years after the jobs are created.
Opponents argued Virginia shouldn’t subsidize a wealthy company’s move to northern Virginia. But a contingent of senators from that area said the revenue from Amazon’s second headquarters would benefit the whole state.
Information from: Richmond Times-Dispatch, http://www.richmond.com