Bill > SB976

This bill amends the existing law regarding the Cloud Computing Cluster Infrastructure Grant Fund by removing the provision that allowed performance agreements between a qualified company and a locality to include commitments related to accelerated permitting, property tax classifications, and other similar issues. The bill maintains the core framework of the grant fund, which is designed to incentivize large-scale data center and cloud computing cluster investments in Virginia. Specifically, the fund provides grants to qualified companies that make a capital investment of at least $50 billion and create at least 1,500 new full-time jobs paying above-average wages. The grants can be received annually from fiscal year 2025 to 2044, with the amount calculated based on the number of new full-time jobs created and capital investment made. The bill preserves the requirement that localities provide a local match of at least twice the state grant amount and maintains the existing process for company qualification, including endorsement by the MEI Project Approval Commission and approval by the General Assembly. The key change is the removal of language that previously allowed performance agreements to include additional local government commitments beyond financial support.

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https://lis.virginia.gov/bill-details/20251/SB976