Bill > SB404

This bill establishes the Active Pharmaceutical Ingredient Manufacturing Grant Fund, a special fund dedicated to providing financial assistance to qualified companies that manufacture pharmaceutical substances. To be considered a "qualified company," a business must commit to making a substantial capital investment, defined as expenditures on real property and tangible business assets, of at least $2,148,793,019 and create and maintain at least 468 new full-time jobs, which are defined as permanent positions with specific wage and benefit requirements, excluding temporary or seasonal work. The company must also enter into a memorandum of understanding, a performance agreement with the Commonwealth and the Virginia Economic Development Partnership Authority (VEDP), outlining these job creation and investment commitments. The fund will provide grant installment awards annually between July 1, 2026, and July 1, 2045, with a maximum of $15 million per fiscal year and a total aggregate limit of $130 million over the life of the program. These grants, intended to support construction and development costs or other lawful purposes, are contingent upon the company meeting its obligations as detailed in the memorandum of understanding and are subject to annual appropriation by the General Assembly. The bill specifies that Goochland County is the only eligible locality for these grants.

Budget and Finance

https://lis.virginia.gov/bill-details/20261/SB404