Committee reports two MEI grant bills tied to large private investments and job creation
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Summary
SB403 (power transformers) and SB404 (active pharmaceutical ingredient manufacturing) were described as Major Employment and Investment projects with large capital investments and significant job creation; committee staff detailed grant caps and the bills were reported unanimously.
Senate staff member April described two MEI (Major Employment and Investment) bills that the committee reported. She said SB403 would create a power transformer manufacturing grant fund providing up to $29,400,000 in grants between July 1 and June 30, 2036, tied to a minimum capital investment of $457,000,000 and the creation of about 8,125 full‑time jobs in Halifax County. SB404 would create an active pharmaceutical ingredient manufacturing grant fund with up to $130,000,000 in grants between July 1 and June 30, 2046, requiring about $2.1 billion in capital investment and the creation or maintenance of roughly 468 full‑time jobs in the named county.
Committee members moved and seconded reporting both bills; recorded committee votes were unanimous (14 yes, 0 no) for each measure in the transcript excerpt. The staff presentation referenced the introduced budget’s initial two‑year funding for incentive payments but the committee discussion did not include a project‑level fiscal analysis beyond the grant caps and investment/job figures stated on the record.
