SB 464

Abstract

Fisheries Innovation for Sustainable Harvest Fund established. Establishes the Fisheries Innovation for Sustainable Harvest Fund for the purposes of supporting and promoting the economic growth and development of Virginia's seafood economy. The Fund shall be administered by the Marine Resources Commission for the sole purpose of supporting and promoting the economic growth and development of Virginia's seafood economy while enhancing the sustainability of Virginia's marine fisheries resources through the awarding of grants, revolving loans, or other financial tools. The bill provides that the Commercial Fishing Advisory Board shall advise the Commission on expenditures from the Fund. This bill is identical to HB 596.

Fisheries Innovation for Sustainable Harvest Fund established. Establishes the Fisheries Innovation for Sustainable Harvest Fund for the purposes of supporting and promoting the economic growth and development of Virginia's seafood economy. The Fund shall be administered by the Marine Resources Commission for the sole purpose of supporting and promoting the economic growth and development of Virginia's seafood economy while enhancing the sustainability of Virginia's marine fisheries resources through the awarding of grants, revolving loans, or other financial tools. The bill provides that the Commercial Fishing Advisory Board shall advise the Commission on expenditures from the Fund.

Fisheries Innovation for Sustainable HarvestFund established. Establishes the Fisheries Innovation for SustainableHarvest Fund for the purposes of supporting and promoting the economicgrowth and development of Virginia's seafood economy. The Fund shallbe administered by the Marine Resources Commission for the sole purposeof supporting and promoting the economic growth and development ofVirginia's seafood economy while enhancing the sustainability ofVirginia's marine fisheries resources through the awarding of grants,revolving loans, or other financial tools. The bill provides thatthe Commercial Fishing Advisory Board shall advise the Commissionon expenditures from the Fund and also requires royalties collectedby the Commission on or after July 1, 2024, as a result of the generationor transmission of electrical or compressed air energy from certainoffshore renewable sources to be credited to the Fund. The bill alsoprovides that any such royalties appropriated to the Virginia CoastalEnergy Research Consortium under current law shall instead be appropriatedto the Fund.