Virginia Emergency Management Preparedness and Capabilities Grant Program and Fund established; report. Establishes the Virginia Emergency Management Preparedness and Capabilities Grant Program and Fund for the purpose of awarding grants to political subdivisions to assist with the cost of emergency management and preparedness. The bill states that the Program will be administered by the Department of Emergency Management, which shall establish guidelines for (i) the administration of the Program and (ii) awarding grants to political subdivisions from the Fund. The bill specifies that a political subdivision awarded a grant under the Program must use the funds for certain purposes to advance the emergency preparedness of such political subdivision and must provide a 50 percent match of local or federal funds for the award. The bill requires the Department, beginning on or before December 1, 2026, and each year thereafter, to submit a report to the Secretary of Public Safety and Homeland Security, the Governor, and the Chairs of the House Committee on Public Safety and the Senate Committee on Finance and Appropriations summarizing the activities of the Program.