VA HB1461

Creates refundable tax credits for microchip and semiconductor manufacturing companies in Virginia, effective for taxable years 2026 through 2030, including 5% of capital investment expenditures, 6% of childcare services expenditures, and 7.5% of gross wages for new jobs

Requires qualifying companies to invest at least $400 million in capital, create at least 100 new permanent full-time jobs within 10 years, pay prevailing wages for construction jobs, and commit at least $50 million to a community investment plan

Eligible projects must include sustainability measures to mitigate greenhouse gas emissions, workforce development commitments, and education and childcare investments benefiting Commonwealth residents

Mandates companies enter a memorandum of understanding with the Commonwealth and Virginia Economic Development Partnership Authority and submit annual reports on community investment plan performance

Tax credits exceeding a company's tax liability are fully refundable within 90 days of filing, and credits cannot be combined with other Virginia tax credits or benefits for the same expenditures