Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development Semiconductors topic
No spam. Unsubscribe anytime.
Senate subcommittee advances microchip tax credit bill to MEI review after local testimony
Summary
Sponsor presented a refundable 5% tax credit for semiconductor capital investment aimed at supporting Micron's expansion in Prince William County; the Virginia Chamber and Manassas officials spoke in favor. The committee agreed to carry the bill over and refer it to the Major Economic Interest (MEI) process for further review.
Senator Cinnamon Pike introduced SB 786, a patron bill she said was requested by Micron Technology to support semiconductor manufacturing and related supply-chain investment in Prince William County. Pike described Micron's planned expansion as a $200 million investment that would create roughly 75 jobs, pay prevailing wages for construction, and include sustainability measures to mitigate greenhouse-gas emissions. The bill would create a refundable tax credit equal to 5% of eligible capital investments for qualifying semiconductor and supply-chain companies.
Public testimony included Andrew Sinclair of the Virginia Chamber of Commerce, who told the committee that the proposed credit is necessary for Virginia to remain competitive with states such as Colorado, Illinois, Kansas, New York, Ohio and Pennsylvania that have adopted similar incentives. Michelle Davis Younger, mayor of the City of Manassas, spoke in favor and identified Micron as a major local employer and supporter.
Senators questioned whether the proposal had completed the state's MEI review process. One senator moved to carry the bill over so it could proceed through MEI; that motion was seconded and carried. The sponsor noted the bill remains active and signaled willingness to continue engagement with staff and stakeholders as MEI develops its analysis.
No final committee vote on the merits of the tax credit was taken at this hearing; the bill was carried over for MEI review and additional committee consideration.
