Virginia SB 611: Truck Manufacturing Grant Fund; created.

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2020 SESSION

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CHAPTER 604 

An Act to amend the Code of Virginia by adding in Title 59.1 a 
chapter numbered 22.14, consisting of a section numbered 59.1-284.33, relating 
to the Truck Manufacturing Grant Fund; creation. 

[S 611] 

Approved April 2, 2020 

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 22.14, consisting of a section numbered 59.1-284.33, as 
follows:

CHAPTER 22.14. 

TRUCK MANUFACTURING GRANT FUND. 

� 59.1-284.33. Truck Manufacturing Grant Fund.

A. As used in this section, unless the context requires a 
different meaning:

"Capital investment" means an expenditure or an 
asset transfer from a site of a qualified company located outside of an 
eligible county to the facility, by or on behalf of the qualified company, on 
or after October 1, 2018, in real property, tangible personal property, or 
both, at a facility located in an eligible county that is properly chargeable 
to a capital account or would be so chargeable with a proper election. The 
purchase or lease of furniture; fixtures; business personal property; machinery 
and tools, including under an operating lease; and expected building expansion 
and up-fit by or on behalf of a qualified company shall qualify as a capital 
investment.

"Eligible county" means the County of Pulaski.

"Facility" means a truck manufacturing facility 
to be expanded, equipped, improved, or operated by a qualified company in an 
eligible county.

"Fund" means the Truck Manufacturing Grant Fund.

"Grants" means grants from the Fund awarded to a 
qualified company, in an aggregate not to exceed $16.5 million, intended to be 
used to pay or reimburse a qualified company for costs related to construction 
and renovation of a facility. A qualified company may use the grant payment for 
any lawful purpose.

"Memorandum of understanding" means a performance 
agreement or related document entered into on or before August 1, 2020, by a 
qualified company, the Commonwealth, and VEDP that sets forth the requirements 
for capital investments and the creation of new full-time jobs by a qualified 
company in order for a qualified company to be eligible for grants from the 
Fund.

"New full-time job" means a job position, in 
which position the employee of a qualified company works at a facility, for 
which the average annual wage is at least equal to the wage required by the 
memorandum of understanding, and for which a qualified company provides 
standard fringe benefits. Such position shall require a minimum of either (i) 
35 hours of an employee's time per week for the entire normal year of a 
qualified company's operations, which "normal year" shall consist of 
at least 48 weeks, or (ii) 1,680 hours per year. Seasonal or temporary 
positions, and positions created when a job function is shifted from an 
existing location in