VA HB698

Establishes the Virginia Workforce Development and Career Connection and Training Foundation as a body politic and corporate to support the Commonwealth's workforce, employers, and programs under the Department of Workforce Development and Advancement

Creates a 16-member board of trustees with appointments split among the Governor (8), Speaker of the House (5), and Senate Rules Committee (3), with a majority required to be corporate executives or individuals with private sector fundraising experience

Establishes the Virginia Workforce Development and Career Connection and Training Fund as a special nonreverting fund in the state treasury to receive appropriations, gifts, donations, grants, and bequests for workforce development purposes

Requires the Foundation to submit quarterly reports to the Department Commissioner and annual reports to the Secretary of Labor and General Assembly beginning December 1, 2026

Exempts gifts and property donated to the Fund from all state and local taxes, and directs the Foundation to seek federal nonprofit tax-exempt status