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. For a comprehensive
list, please see A
Virginia Guide To Business Incentives.
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 Grant Fund
A discretionary investment performance grant program for existing Virginia manufacturers,
research and development services supporting manufacturing, and large basic
employers. The program is targeted to companies that have operated in Virginia
for at least five years, which are proposing expansion projects meeting certain
criteria.
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. The programs are as follows:
- Industrial Development Bonds and the Umbrella Bond Program
- Virginia Economic Development Loan Fund
- Loan Guaranty Program
- Child Day Care Financing Program
- Virginia Capital Access Program
- Small Business Environmental Compliance Assistance Fund
- Southside Region Tobacco Capital Access Program
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.
