SB 302

Abstract

Virginia First Manufacturing Incentive Program. Directs the Manufacturing Development Commission (the Commission) to develop a budget and business plan to establish a Virginia First Manufacturing Incentive Program (the Program). The bill provides that the business plan shall identify existing manufacturers in the Commonwealth that are potential candidates for reshoring, near-shoring, or in-shoring manufacturing jobs and capital investments. The bill directs that the Program focus on expanding and recruiting manufacturing operations that produce products identified as critical infrastructure by providing discretionary incentive funding for trade adjustment assistance. Finally, the bill requires that the Commission present the budget and business plan to the Secretary of Commerce and Trade and the Chairmen of the House Committee on General Laws and the Senate Committee on General Laws and Technology by October 1, 2024. 

Virginia First Manufacturing Incentive Programand Fund; creation. Creates the Virginia First ManufacturingIncentive Program and Fund to facilitate the growth of existing manufacturing industries by creating a reshoring, nearshoring, andinshoring program focused on expanding and recruiting manufacturing operations that produce products identified as critical infrastructureby providing discretionary incentive funding for trade assistance.