SB651: Aerospace Engine Manufacturing Performance Grant Program; created.

Chief Patron

Fred Quayle (R-13)
Served: 1992–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

03/12/2008: signed by governor

View Entire History

Summary

Economic development grants; aerospace engine manufacturing. Establishes three grant programs relating to aerospace engine manufacturing. Grants would be paid to manufacturers of aerospace engines who (i) make a capital investment of at least $500 million in real and personal property and (ii) create in excess of 540 jobs relating to aerospace engine manufacturing or activities ancillary or supportive of such manufacturing. Under this grant program, a maximum of $35 million in grants would be paid beginning in the 2013-2014 fiscal year and ending in the 2022-2023 fiscal year. A second grant program would provide training grants in the amount of $9,000 for each new job created by a manufacturer of aerospace engines or an affiliate thereof. Training grants would not exceed $5,778,000 in total. In addition, a supplemental training grant in the amount of $3 million would be paid to an aerospace engine manufacturer who has invested at least $153.9 million in real and personal property and has hired at least 176 new employees. A final grant program would provide up to $5 million in grants to an aerospace engine manufacturer who induces certain suppliers to locate or expand operations in the Commonwealth. Such suppliers would be required to create at least 150 jobs and make a capital investment of at least $25 million in real and personal property.

View Full Text »