Virginia Business Incentives
August 6, 2009
Investing in Each Other
Virginia works enthusiastically with new and expanding Virginia employers that create a higher standard of living for Virginians, enhance the local and state economies, and increase revenues to state and local governments. Incentives are Virginia’s investment in its economic future and a business decision for both the Commonwealth and the company. As a result, they must make good fiscal sense for all parties.
Designed to target the needs of the company and the development plans of localities and the state, Virginia offers a variety of performance-based incentives. From tax credits to tax exemptions, Virginia continues to demonstrate its willingness to invest in those who invest and reinvest in the Commonwealth.
Governor’s Opportunity Fund
Discretionary funds available to the Governor to secure a business location or expansion project for Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.
Virginia Jobs Investment Program (VJIP)
A program that offers customized recruiting and training assistance to companies that are creating new jobs or experiencing technological change. The program is designed to reduce the human resource development cost of new and expanding companies.
Virginia Investment Partnership Act
The Virginia Investment Partnership (VIP) Grant and the Major Eligible Employer Grant (MEE) are discretionary performance incentives designed to encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development and utilization of advanced technology.
The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance incentive, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative or service sector operations in Virginia.
Sales and Use Tax Exemptions
Virginia offers some of the broadest sales and use tax exemptions in the U.S.
Property Tax Exemptions
Virginia does not tax intangible property, manufacturers’ inventory, and manufacturers’ furniture, fixtures and corporate aircraft.
Virginia Small Business Financing Authority (VSBFA)
VSBFA offers programs to provide businesses with access to capital needed for growth and expansion.
Enterprise Zones
Virginia’s Enterprise Zone program provides state and local incentives to businesses that invest and create jobs within Virginia’s enterprise zones, which are located throughout the state.
Technology Zones
Virginia authorizes its communities to establish technology zones to encourage growth in targeted industries. Presently, 21 localities have created zones throughout the state.
Foreign Trade Zones
Virginia offers six foreign trade zones designed to encourage businesses to participate in international trade by effectively eliminating or reducing customs duties. Also, numerous subzones are provided and additional ones can be designated to enhance the trade capabilities of specific companies.
No Comments »
No comments yet.
RSS feed for comments on this post. TrackBack URL