VirginiaSB4032026 Regular SessionSenateWALLET

Power Transformer Manufacturing Grant Fund; created.

Sponsored By: L. Louise Lucas (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 HB 799.

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Bill Overview

Analyzed Economic Effects

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

Grants for Halifax transformer manufacturer

The law provides grants to a qualified company that makes power transformers in Halifax County. To qualify, from July 1, 2025 to June 30, 2035, it must invest at least $457,157,000 and create and maintain 825 new full‑time jobs. A new full‑time job is at the facility, pays at least $73,830 with standard benefits, and is at least 35 hours a week for 48 weeks or 1,680 hours a year. Seasonal, temporary, contractor, vendor, or spin‑off roles do not count, and jobs must be above the company’s 1,178 Virginia positions as of July 1, 2025. Capital investment includes buying or leasing furniture, fixtures, machinery and tools, and expected building construction and up‑fit at the site. Grants can be paid each fiscal year starting July 1, 2026 through the fiscal year starting July 1, 2035. Total grants are capped at $29.4 million, with no more than $4.6 million per year, paid in up to 10 annual installments; any amount not earned by year 10 is forfeited.

Grant application and payment rules

To receive a grant payment, the company must file by October 1 each year proof of total new full‑time jobs as of the prior fiscal year end and the capital invested in that year. Postmark counts; missing the deadline defers that installment. The Secretary must certify the amount due within 60 days of a satisfactory filing. The State Treasurer pays in the fiscal year after submission, but only if the General Assembly has specifically appropriated the money. The Power Transformer Manufacturing Grant Fund in the state treasury holds these moneys and pays the grants. The company must provide relevant documents on request, and records it marks as confidential are treated as confidential and proprietary.

Sponsors & Cosponsors

Sponsor

  • L. Louise Lucas

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 206 • No: 4

House vote 2/25/2026

Passed House

Yes: 92 • No: 4

House vote 2/20/2026

Reported from Appropriations

Yes: 22 • No: 0

Senate vote 1/30/2026

Read third time and passed Senate Block Vote

Yes: 38 • No: 0

Senate vote 1/29/2026

Engrossed by Senate Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote 1/28/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote 1/28/2026

Constitutional reading dispensed Block Vote (on 1st reading)

Yes: 40 • No: 0

Senate vote 1/27/2026

Reported from Finance and Appropriations

Yes: 14 • No: 0

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0821)

    4/13/2026Governor
  2. Approved by Governor-Chapter 821 (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

    3/10/2026Senate
  5. Fiscal Impact Statement from Department of Planning and Budget (SB403)

    2/27/2026Senate
  6. Bill text as passed Senate and House (SB403ER)

    2/27/2026Senate
  7. Enrolled

    2/27/2026Senate
  8. Signed by President

    2/27/2026Senate
  9. Signed by Speaker

    2/27/2026House
  10. Passed House (92-Y 4-N 0-A)

    2/25/2026House
  11. Read third time

    2/25/2026House
  12. Moved from Uncontested Calendar to Regular Calendar

    2/25/2026House
  13. Read second time

    2/24/2026House
  14. Reported from Appropriations (22-Y 0-N)

    2/20/2026House
  15. Assigned HAPP sub: Commerce Agriculture & Natural Resources

    2/18/2026House
  16. Referred to Committee on Appropriations

    2/4/2026House
  17. Read first time

    2/4/2026House
  18. Placed on Calendar

    2/4/2026House
  19. Read third time and passed Senate Block Vote (38-Y 0-N 0-A)

    1/30/2026Senate
  20. Engrossed by Senate Block Vote (Voice Vote)

    1/29/2026Senate
  21. Read second time

    1/29/2026Senate
  22. Passed by for the day Block Vote (Voice Vote)

    1/28/2026Senate
  23. Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)

    1/28/2026Senate
  24. Passed by for the day

    1/28/2026Senate
  25. Rules suspended

    1/28/2026Senate

Bill Text

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