HB 1457

Abstract

Virginia investment performance grants; Virginia economic development incentive grants. Requires, for any Virginia investment performance grant award determination that includes a job creation requirement, an eligible manufacturer or research and development service to pay an average wage, excluding fringe benefits, that is no less than the prevailing average wage for such new jobs. Under the bill, beginning July 1, 2024, (i) the aggregate amount of Virginia investment performance grants payable to all grant recipients in any fiscal year shall not exceed $7 million and (ii) grants shall be payable in amounts up to $5 million per eligible manufacturer or research and development service in five equal, annual installments of up to $1 million, beginning in the first year after verification of capital investment and pledged employment. The bill also provides that eligible companies shall be eligible to receive Virginia economic development incentive grants in the first year after verification that requirements applicable to such grant are satisfied. The bill contains an enactment clause clarifying that no existing agreement entered into prior to the effective date of the bill shall be impacted by the bill.

Virginia Investment Performance Grants.Makes changes to the process for awarding Virginia Investment PerformanceGrants. Under the bill, beginning July 1, 2024, (i) the aggregate amount of Grants payable to all Grant recipients in any fiscal yearshall not exceed $8 million; (ii) Grants shall be payable in fiveequal, annual installments of up to $1 million; (iii) no Grant recipientshall receive more than $5 million across all fiscal years; and (iv)Grants shall begin in the first year after verification of capitalinvestment and job creation requirements. The bill contains an enactmentclause clarifying that no existing agreement entered into prior tothe effective date of the bill shall be impacted by the bill.