Fisheries Innovation for Sustainable Harvest Fund; established.

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 shall be administered by the Marine Resources Commission for the sole purposeof supporting and promoting the economic growth and developmentof Virginia's seafood economy while enhancing the sustainabilityof Virginia's marine fisheries resources through the awarding ofgrants, revolving loans, or other financial tools. The bill providesthat the 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.