Bill > HB799

This bill establishes the Power Transformer Manufacturing Grant Fund to provide financial assistance to companies that manufacture power transformers. To qualify for these grants, a company must enter into a memorandum of understanding (MOU) with the Commonwealth, which is a performance agreement outlining specific job creation and investment targets. The company must make a significant capital investment, defined as expenditures on real property and tangible business assets like machinery and tools, with a minimum of $457,157,000. Additionally, the company must create and maintain at least 825 new full-time jobs, which are defined as permanent positions with a minimum annual wage and benefits, excluding temporary or construction-related roles. The grants will be awarded annually between July 1, 2026, and July 1, 2035, with a cap of $4.6 million per fiscal year and a total aggregate limit of $29.4 million. These funds can be used for facility construction and development or other lawful purposes. The bill specifies that Halifax County is the eligible locality for this program and requires companies to provide documentation to verify their job creation and investment achievements to receive grant installments.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/HB799