VirginiaHB7992026 Regular SessionHouseWALLET

Power Transformer Manufacturing Grant Fund; created.

Sponsored By: Luke E. Torian (Democratic)

Became Law

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 identical to SB 403.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 0 costs, 2 mixed.

Who qualifies for Halifax transformer grants

The law offers grants to a company that makes power transformers in Halifax County. To qualify between July 1, 2025 and before July 1, 2035, it plans at least $457,157,000 in capital investment and creates and keeps at least 825 new full-time jobs. Capital investment includes building construction and up-fit and buying or leasing machinery, tools, furniture, and other taxable property at the Halifax facility. A new full-time job is at the facility, pays at least $73,830 a year (higher if the MOU raises it), includes standard benefits, and averages 35 hours for 48 weeks or 1,680 hours a year. These jobs must be in addition to the company’s 1,178 Virginia full-time jobs as of July 1, 2025.

Annual filing and document rules

To get a yearly payment, the company must file by October 1 each year. The filing must show the number of new full-time jobs as of the end of the prior fiscal year and the capital investment made in that year. The postmark controls for mailed filings. Missing the deadline defers the payment. The Secretary may inspect records to check compliance, and company-marked records are treated as confidential and proprietary.

Grant fund, caps, and payments

The state creates the Power Transformer Manufacturing Grant Fund. The Fund keeps interest and does not revert. Grants are available from the fiscal year starting July 1, 2026 through the one starting July 1, 2035, only if the General Assembly appropriates money and the company meets the MOU and law. Total grants are capped at $29.4 million, with no more than $4.6 million in any year, paid in up to 10 annual installments; any amounts not earned by the end of the 10-year payment period are forfeited. After an application, the Secretary has 60 days to certify the amount, and payment is made in the next fiscal year.

Sponsors & Cosponsors

Sponsor

  • Luke E. Torian

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 209 • No: 4

Senate vote 2/19/2026

Passed Senate Block Vote

Yes: 39 • No: 0

Senate vote 2/18/2026

Constitutional reading dispensed Block Vote (on 2nd reading)

Yes: 38 • No: 0

Senate vote 2/17/2026

Reported from Finance and Appropriations

Yes: 13 • No: 0

House vote 2/5/2026

Read third time and passed House

Yes: 93 • No: 4

House vote 1/30/2026

Reported from Appropriations

Yes: 21 • No: 0

House vote 1/28/2026

Subcommittee recommends reporting

Yes: 5 • No: 0 • Other: 1

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0803)

    4/13/2026Governor
  2. Approved by Governor-Chapter 803 (effective 7/1/2026)

    4/13/2026Governor
  3. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/10/2026Governor
  4. Enrolled Bill communicated to Governor on March 10, 2026

    3/10/2026House
  5. Fiscal Impact Statement from Department of Planning and Budget (HB799)

    2/23/2026House
  6. Bill text as passed House and Senate (HB799ER)

    2/23/2026House
  7. Enrolled

    2/23/2026House
  8. Signed by President

    2/23/2026Senate
  9. Signed by Speaker

    2/23/2026House
  10. Passed Senate Block Vote (39-Y 0-N 0-A)

    2/19/2026Senate
  11. Read third time

    2/19/2026Senate
  12. Constitutional reading dispensed Block Vote (on 2nd reading) (38-Y 0-N 0-A)

    2/18/2026Senate
  13. Rules suspended

    2/18/2026Senate
  14. Passed by for the day

    2/18/2026Senate
  15. Read second time

    2/18/2026Senate
  16. Reported from Finance and Appropriations (13-Y 0-N)

    2/17/2026Senate
  17. Referred to Committee on Finance and Appropriations

    2/6/2026Senate
  18. Constitutional reading dispensed (on 1st reading)

    2/6/2026Senate
  19. Read third time and passed House (93-Y 4-N 0-A)

    2/5/2026House
  20. Read second time and engrossed

    2/4/2026House
  21. Moved from Uncontested Calendar to Regular Calendar

    2/4/2026House
  22. Read first time

    2/3/2026House
  23. Reported from Appropriations (21-Y 0-N)

    1/30/2026House
  24. Subcommittee recommends reporting (5-Y 0-N)

    1/28/2026House
  25. Fiscal Impact Statement from Department of Planning and Budget (HB799)

    1/23/2026House

Bill Text

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