VA SB403

Creates the Power Transformer Manufacturing Grant Fund to provide up to $29.4 million in grants to a qualifying power transformer manufacturer in Halifax County, Virginia

Requires the qualified company to invest at least $457,157,000 in capital 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 with standard fringe benefits and require at least 35 hours per week or 1,680 hours annually

Grants are limited to $4.6 million per fiscal year, paid over 10 annual installments beginning in fiscal year 2026-2027, contingent on meeting job creation and investment benchmarks

The qualified company must already have 1,178 existing full-time positions in Virginia as of July 1, 2025, with new jobs required to be additional positions