Virginia legislation · 2026 Regular Session
Virginia SB403: An Act to amend the Code of Virginia by adding in Title 59.1 a chapter numbered 22.25, consisting of a section numbered 59.1-284.46, relating to Power Transformer Manufacturing Grant Fund.
Status: Chaptered, April 13, 2026
Power Transformer Manufacturing Grant Fund. Establishes the Power Transformer Manufacturing Grant Fund to provide grant installment awards between July 1, 2026, and July 1, 2035, in an amount not to exceed $4.6 million per fiscal year and in an aggregate amount not to exceed $29.4 million, to a qualified company that (i) engages in the manufacture of power transformers, (ii) executes a memorandum of understanding with the Commonwealth, and (iii) is expected to make a capital investment of at least $457,157,000 and create and maintain at least 825 new full-time jobs. This bill is identical to HB 799.
What the bill says
An Act to amend the Code of Virginia by adding in Title 59.1 a chapter numbered 22.25, consisting of a section numbered 59.1-284.46, relating to Power Transformer Manufacturing Grant Fund. [S 403] Approved April 13, 2026 1. That the Code of Virginia is amended by adding in Title 59.1 a chapter numbered 22.25, consisting of a section numbered 59.1-284.46, as follows: CHAPTER 22.25. POWER TRANSFORMER MANUFACTURING GRANT FUND. § 59.1-284.46. Power Transformer Manufacturing Grant Fund. A. As used in this chapter, unless the context requires a different meaning: "Capital investment" means an expend.
From the enrolled text, April 13, 2026:
An Act to amend the Code of Virginia by adding in Title 59.1 a chapter numbered 22.25, consisting of a section numbered 59.1-284.46, relating to Power Transformer Manufacturing Grant Fund. [S 403] Approved April 13, 2026 1. That the Code of Virginia is amended by adding in Title 59.1 a chapter numbered 22.25, consisting of a section numbered 59.1-284.46, as follows: CHAPTER 22.25. POWER TRANSFORMER MANUFACTURING GRANT FUND. § 59.1-284.46. Power Transformer Manufacturing Grant Fund. A. As used in this chapter, unless the context requires a different meaning: "Capital investment" means an expenditure by or on behalf of a qualified company on or after July 1, 2025, on or for real property, taxable tangible personal property, or both, at a facility in an eligible locality that is properly chargeable to a capital account or would be so chargeable with a proper election under Virginia law. Such term shall include (i) the purchase or lease of furniture, fixtures, business personal property, machinery, and tools, including under an operating lease, and (ii) expected building construction and up-fit by or on behalf of a qualified company. "Eligible locality" means Halifax County. "Facility" means the building, group of buildings, or corporate campus, including any related machinery and tools, furniture, fixtures, and business personal property, that is located at or near a qualified company's operations …