VA HB1530

Creates the Transformer Manufacturing Expansion Grant Fund to provide up to $60 million in grants to electrical transformer manufacturers expanding in Henry County, Virginia

Requires qualifying companies to invest at least $301 million in capital and create at least 1,185 new full-time jobs between July 1, 2025, and July 1, 2040

New full-time jobs must pay an average annual wage of at least $73,908 with standard fringe benefits

Grants will be paid in 15 annual installments of up to $5.1 million per year, beginning in fiscal year 2028 and subject to annual appropriation by the General Assembly

Companies must submit annual documentation of job creation and capital investment to the Secretary of Commerce and Trade to receive grant payments