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.
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.
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, 24 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.
