VA SB527

Creates the Pharmaceutical Substance Manufacturing Grant Fund to provide grants up to $191,255,000 to pharmaceutical manufacturing companies locating in Albemarle County

Requires qualified companies to invest at least $4 billion in capital and create a minimum of 500 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 $160,750 with standard fringe benefits

Limits annual grant payments to no more than $34,000,000, with grants paid over 20 consecutive fiscal years beginning July 1, 2026

Grant recipients must submit annual documentation to the Secretary of Commerce and Trade verifying job creation and capital investment by October 1 each year