VA HB799

Creates the Power Transformer Manufacturing Grant Fund providing up to $29,400,000 in grants to a qualified power transformer manufacturer locating in Halifax County, Virginia

Requires the qualified company to make at least $457,157,000 in capital investment and create at least 825 new full-time jobs between July 1, 2025, and July 1, 2035

New full-time jobs must pay an average annual wage of at least $73,830 and include standard fringe benefits, with positions requiring at least 35 hours per week or 1,680 hours annually

Grants will be paid in up to 10 annual installments not exceeding $4,600,000 per fiscal year, beginning in fiscal year 2026-2027 and subject to annual General Assembly appropriation

The qualified company must already have 1,178 existing full-time positions in Virginia as of July 1, 2025, and must submit annual documentation verifying job creation and capital investment to receive grant payments