Bill > HB1076

This bill establishes the Pharmaceutical Substance Manufacturing Grant Fund to provide financial assistance to qualified companies that manufacture pharmaceutical substances. To be considered a "qualified company," a business must commit to a significant "capital investment," meaning expenditures on real estate and tangible property for a facility, of at least $4 billion and create and maintain a minimum of 500 "new full-time jobs," which are defined as permanent positions with a substantial annual wage and benefits, excluding temporary or seasonal work. These companies must also enter into a "memorandum of understanding" with the Commonwealth, which is a formal agreement outlining the terms and conditions for receiving the grants. The fund will be available for grant installment awards from July 1, 2026, to July 1, 2045, with a maximum of $34 million awarded per fiscal year and a total aggregate cap of $191,255,000. The grants can be used for facility construction and development or any other lawful purpose, and eligibility is contingent on meeting the job creation and investment requirements as detailed in the memorandum of understanding.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/HB1076