HB 2358

Abstract

Current and Mature Semiconductor Technology Grant Fund. Establishes the Current and Mature Semiconductor Technology Grant Fund to, subject to appropriation, fund 15 annual grant award installments, in an aggregate amount not to exceed $60 million, to a qualified company that engages in the manufacture of semiconductors and that executes a memorandum of understanding with the Commonwealth and, on and after July 1, 2024, but before June 30, 2040, is expected to (i) make a capital investment, defined in the bill, of at least $2,170,130,850 and (ii) create and maintain at least 340 new full-time jobs, in an eligible locality, defined in the bill. The bill also authorizes bonus grants of up to $10 million that a qualified company may earn for certain new full-time job creation and maintenance. The bill also repeals the existing Semiconductor Manufacturing Grant Fund and is identical to SB 1208.

An Act to amend the Code of Virginia by adding in Title 59.1 a chapter numbered 22.23, consisting of a section numbered 59.1-284.44, and by repealing Chapter 22.13 (§ 59.1-284.32) of Title 59.1, relating to Current and Mature Semiconductor Technology Grant Fund.