CHAPTER 324
An Act to amend the Code of Virginia by adding in Title 59.1 a chapter numbered 22.25, consisting of a section numbered 59.1-284.46 , relating to Transformer Manufacturing Expansion Grant Fund.
[H 1530]
Approved April 6, 2026
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Title 59.1 a chapter numbered 22.25, consisting of a section numbered 59.1-284.46 , as follows:
CHAPTER 22.25.
TRANSFORMER MANUFACTURING EXPANSION GRANT FUND.
§ 59.1-284.46 . Transformer Manufacturing Expansion Grant Fund.
A. As used in this chapter, unless the context requires a different meaning:
"Capital investment" means an expenditure by or on behalf of a qualified company on or after July 1, 2025, on or for real property, taxable tangible personal property, or both, at a facility in an eligible locality that is properly chargeable to a capital account or would be so chargeable with a proper election under Virginia law. Such term shall include (i) the purchase or lease of furniture, fixtures, business personal property, machinery, and tools, including under an operating lease, and (ii) expected building construction and up-fit by or on behalf of a qualified company.