Income tax; modification for certain companies and subtraction for their employees, local grants.

Establishes an income tax modification for companies that, from 2018 through 2028, either (i) invest at least $5 million in new capital investment in a qualified locality and create at least 10 jobs paying at least twice the minimum wage in a qualified locality or (ii) create at least 50 jobs paying at least twice the minimum wage in a qualified locality. A company is eligible to claim the modification only if it had no property or payroll in Virginia on the effective date of the act.