Incentives
Combined with state government and external resources, Virginia’s Gateway Region communities offer competitive incentive packages. The region has numerous competitive business advantages and a welcoming business environment, not to mention the Commonwealth of Virginia’s unparalleled reputation for business success. For the extra financial boost in building a business case, VGR can develop an incentive proposal for you to take advantage of some of the following incentives for new and expanding businesses.
INCENTIVE ADVANTAGES
| DISCRETIONARY INCENTIVES | |
| Commonwealth’s Opportunity Fund | Discretionary fund available to secure a business location or expansion project. |
| Governor’s Agriculture and Forestry Industries Development Fund (AFID) | Fund available to support businesses that add value to Virginia-grown agricultural and forestry products. |
| JOB-BASED INCENTIVES | |
| Virginia Jobs Investment Program | Program that offers customized recruiting and training assistance to companies creating new jobs or experiencing technological change |
| LOCATION-BASED INCENTIVES | |
| Foreign Trade Zones | Virginia and Hampton Roads offer foreign trade zones and sub-zones which effectively eliminate or reduce customs duties |
| Enterprise Zones | Provides state and local incentives to businesses that create new jobs and invest in real property |
| Job Creation Grants | Grants for permanent, full-time job creation over a 4-job threshold that meet wage requirements |
| Real Property Investment Grants | Grants for qualified real property investments |
| Technology Zones | Grants specific to individual localities in Hampton Roads which assist technology based companies |
| TAX INCENTIVES | |
| Sales and Use Tax Exemption | Virginia offers the broadest sales and use tax exemptions in the U.S. |
| Property Tax Exemptions | Property is not taxed at the state level; real estate and tangible personal property are locally taxed. There are no taxes on: intangible property, manufacturers’ inventory and manufacturers’ furniture, fixtures and corporate aircraft |
| VIRGINIA PORT INCENTIVES | |
| Port Volume Increase Tax Credit | Credit available to companies who increase port cargo through public or private facilities located in Virginia by a minimum of 5% in a single year |
| Barge and Rail Usage Tax Credit | Credit available to companies who move cargo by barge or rail, rather than truck, on Virginia’s highways |
| International Trade Facility Tax Credit | Tax credit for either new job creation or capital investment in an international trade facility as a result of moving 10% more cargo through a Virginia Port Authority-operated cargo facility than in the preceding taxable year. |
| Port of Virginia Economic and Infrastructure Development Grant Program | Grant available to companies who locate or expand within the Zone, and create at least 25 new permanent full-time jobs and are involved in maritime commerce or export or import of manufactured goods through the Port of Virginia |