VA HB1531

Creates the Solid Rocket Motor Manufacturing Grant Fund to provide up to $97,723,000 in grants to a qualified solid rocket motor manufacturer locating in Pittsylvania County, Virginia

Requires the company to invest at least $537,570,000 in capital and create at least 1,546 new full-time jobs between July 1, 2025 and July 1, 2045

New full-time jobs must pay an average annual wage of at least $81,483 and include standard fringe benefits

Grants are capped at $6,000,000 per fiscal year, paid over 20 annual installments beginning fiscal year 2027-2028 through fiscal year 2046-2047

Grant payments require annual appropriation by the General Assembly and are contingent on the company meeting job creation and capital investment milestones verified by the Secretary of Commerce and Trade