While the budget dominated the news during the regular and reconvened sessions this year, more progress was made on the biotechnology front. This has long been an area of great interest to me. In 2008 I chaired the Joint Subcommittee Studying Biosciences and Biotechnology, which laid the groundwork for advances made in 2009 and now 2010.

The Virginia Biotechnology Association has been at the forefront of promoting high-tech jobs in this sector. Bringing biotech and "green" business to Virginia will ensure that we remain competitive over the next decade -- and don't cede ground in the industry to neighboring Maryland and North Carolina, or to other states or countries.

Many important biotech bills were signed into law this year. HB677/SB644 creates the Specialized Biotechnology Research Performance Grant Program, which is the state part of the package needed to lure the Ignite Institute to Fairfax County. HB943 establishes the Small Business Jobs Grant Fund, and HB523/SB428, the Virginia Innovation Investment Act, creates a capital gains exclusion on income from investment in high-tech Virginia companies.

In the budget bill, the Angel Investor Tax Credit -- which was reformed in 2009 -- was expanded temporarily to $5 million. Also included was increased funding for the Virginia Economic Development Partnership and for "wet lab" construction, likely at George Mason University. Northern Virginia has been woefully lacking in wet lab space and some of our scientists have had to move their start-up ventures to Maryland.

Bioscience is an important component of our new technology economy. These budget amendments and bills are especially important during this slow economic recovery. They will help create the type of jobs we need to cement our growing region in the national mindset as a high-tech hub. We cannot succeed without a close working relationship between public universities and venture capital.