Bill > SB527

This bill establishes the Pharmaceutical Substance Manufacturing Grant Fund to provide financial assistance to qualified companies that manufacture pharmaceutical substances. A qualified company must commit to a significant capital investment of at least $4 billion and create and maintain a minimum of 500 new full-time jobs, defined as permanent positions with an average annual wage of at least $160,750 plus benefits, and requiring at least 35 hours of work per week or 1,680 hours per year. The company must also enter into a memorandum of understanding (MOU) with the Commonwealth, which is a performance agreement detailing the requirements for the capital investment and job creation. The grant fund will be available for annual installment awards between July 1, 2026, and July 1, 2045, with a maximum of $34 million per fiscal year and an overall aggregate limit of $191,255,000. These grants can be used for facility construction and development or any other lawful purpose. The bill specifies that Albemarle County is the eligible locality for these investments and that the grants are contingent on the company meeting the terms outlined in the MOU and the bill, with any unearned grants forfeited after a 20-year payment period.

Budget and Finance, Health and Social Services

https://lis.virginia.gov/bill-details/20261/SB527