Finance and Appropriations

Virginia Military Institute; task force. Establishes a task force to examine higher education at Virginia Military Institute (VMI). The bill directs the task force to determine VMI's responsiveness to the State Council of Higher Education for Virginia's 2021 report on the institution and to explore and recommend other changes to be made to distance VMI from the Lost Cause narrative, foster an inclusive environment, and address any other concerns raised by the task force. The task force is required to complete its meetings by November 30, 2026, and to report to the Governor and the General Assembly no later than the first day of the 2027 Regular Session of the General Assembly.

Motion picture production tax credit; sunset extended. Extends the motion picture production tax credit sunset date from taxable year 2026 to taxable year 2030. This bill is identical to SB 612.

Power Transformer Manufacturing Grant Fund. Establishes the Power Transformer Manufacturing Grant Fund to provide grant installment awards between July 1, 2026, and July 1, 2035, in an amount not to exceed $4.6 million per fiscal year and in an aggregate amount not to exceed $29.4 million, to a qualified company that (i) engages in the manufacture of power transformers, (ii) executes a memorandum of understanding with the Commonwealth, and (iii) is expected to make a capital investment of at least $457,157,000 and create and maintain at least 825 new full-time jobs. This bill is identical to HB 799.

Active Pharmaceutical Ingredient Manufacturing Grant Fund. Establishes the Active Pharmaceutical Ingredient Manufacturing Grant Fund to provide grant installment awards between July 1, 2026, and July 1, 2045, in an amount not to exceed $15 million per fiscal year and in an aggregate amount not to exceed $130 million, to a qualified company that (i) engages in the manufacture of pharmaceutical substances, (ii) executes a memorandum of understanding with the Commonwealth, and (iii) is expected to make a capital investment of at least $2,148,793,019 and create and maintain at least 468 new full-time jobs. This bill is identical to SB 404.

Tax exemptions; Confederacy organizations. Eliminates the exemption from state recordation taxes for the Virginia Division of the United Daughters of the Confederacy and eliminates the tax-exempt designation for real and personal property owned by the Virginia Division of the United Daughters of the Confederacy, the General Organization of the United Daughters of the Confederacy, the Confederate Memorial Literary Society, the Stonewall Jackson Memorial, Incorporated, the Virginia Division, Sons of Confederate Veterans, and the J.E.B. Stuart Birthplace Preservation Trust, Inc. The bill contains technical amendments.