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The Virginia agreement actually has a clause to prevent that loophole from being abused to the $20 million/year extent. Jobs that pay more than $850k/year (adju
by kevindong 8y ago
The Virginia agreement actually has a clause to prevent that loophole from being abused to the $20 million/year extent. Jobs that pay more than $850k/year (adjusted upward by 1.5% per year) can only be calculated into the average as being a $850k/year job.
Quoted from page 2 of the Virginia agreement [0]: "If any of the persons holding New Jobs are paid “wages” in any calendar year in excess of $850,000, as escalated 1.5% per year, as shown on Exhibit D, the amount of wages in excess of $850,000, or the higher escalated amount, shall not be included in clause (A)."
[0]: https://d39w7f4ix9f5s9.cloudfront.net/a1/f2/85b7a8db41379e151054ff05e815/commonwealth-of-virginia-agreement.pdf https://d39w7f4ix9f5s9.cloudfront.net/a1/f2/85b7a8db41379e15...