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SB 403

Virginia Senate bill in Session 2026.

Status: enacted. Latest action: April 13, 2026.

Power Transformer Manufacturing Grant Fund; created.

Bill ID VA-2026-SB-403
Session 2026
Status enacted
Committee Appropriations; Finance and Appropriations
Senate enacted 2026-04-13
Tax / Budget / Appropriations
Summary

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 a recommendation of the MEI Project Approval Commission.

Sponsor
Lucas
Official Source Back to Bills
Actions Timeline
Date Event Detail
2026-01-13 Introduced Bill introduced
2026-04-13 Status enacted
2026-04-13 Latest Action Acts of Assembly Chapter text (CHAP0821)
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