Technology

Microchip and semiconductor manufacturing and supply chain tax credits; Virginia Economic Development Partnership Authority evaluation; report. Creates a series of individual and corporate income tax credits for companies engaged in the microchip and semiconductor manufacturing and supply chain business that between January 1, 2026, and December 31, 2036, (i) invest at least $400 million, (ii) create at least 100 new jobs, (iii) pay an average prevailing wage salary, and (iv) submit a plan for use of and committing $50 million of community investments. The bill creates three refundable tax credits in taxable years 2026 through 2030 in amounts equal to (a) five percent of capital investment expenditures incurred during the year, (b) six percent of child care services expenditures incurred during the year, and (c) 7.5 percent of gross wages paid for each new job created during the year.

Genetic sequencing; organ transplants; use of foreign genetic sequencing or genetic sequencer operational and research software; foreign storage of genetic sequencing data; health insurance coverage for certain foreign organ transplants; civil penalty. Prohibits medical care facilities from (i) using genetic sequencers or any operational and research software, as such terms are defined in the bill, produced in a country designated as a foreign adversary by the federal government and (ii) storing genetic sequencing data with a country designated as a foreign adversary by the federal government. The bill requires medical care facilities to certify their compliance with such provisions, under penalty of perjury, annually with the Commissioner of Health and subjects medical care facilities that violate such provisions to civil penalties. The bill also prohibits health insurance carriers from covering human organ transplants that occur in China or other designated foreign countries and subjects carriers that violate this provision to civil penalties.