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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.
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.
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.
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.
Virginia offers some of the broadest sales and use tax exemptions in the U.S.
Virginia does not tax intangible property, manufacturers' inventory, and manufacturers' furniture, fixtures and corporate aircraft.
VSBFA
offers programs to provide businesses with access to capital needed for growth
and expansion.
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.
Virginia authorizes its communities to establish technology zones to encourage growth in targeted industries. Presently, 21 localities have created zones throughout the state.
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.
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