Investment Incentives

With more than 45 different incentives which include property tax exemptions, manufacturing incentives, and many more, VMR has your best interests in mind when it comes to doing
business.

Combined with state government and external resources, the region offers competitive incentive packages for new and expanding businesses. 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, VMR can develop an incentive proposal for you to take advantage of some of the following incentives for new and expanding businesses.

vam-investment

Incentive Types

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 Zone Virginia offers federally designated 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
Job Creation Grants Grants specific to individual localities in Virginia’s Gateway Region which assist technology-based companies
TAX INCENTIVES
Sales and Use 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
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
Job Creation Grants Grants specific to individual localities in Virginia’s Gateway Region which assist technology-based companies
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
Job Creation Grants Grants specific to individual localities in Virginia’s Gateway Region which assist technology-based companies

Each community in the VMR will:

  • Discuss the possibility of a write-down on the land value for publicly owned property (requires performance-based commitment.)
  • Help expedite government assistance.
  • Help coordinate state and local assistance.
  • Help connect you with direction for incentives, loans, employment/job training and other programs.
  • Offer guidance in permit and regulatory processes.
  • Offer assistance with utility fees (requires a performance based commitment agreement.)
  • In addition to these commonly shared incentive programs, several communities offer specific incentives.

State Incentives

  • Governor’s Opportunity Fund
  • Virginia Investment Partnership Act
  • The Virginia Development Incentive Grant
  • Clean Energy Manufacturing Incentive Grant
  • Virginia Jobs Investment Programs
  • Tobacco Region Revitalization Commission (counties of Appomattox, Bedford, and Campbell)
  • Corporate Income Tax Credits
  • Sales and Use Tax Credits
  • Property Tax Exemptions
  • Economic Development Access Program
  • Rail Industrial Access Program
  • Transportation Partnership Opportunity Fund
  • Virginia Small Business Financing Authority
  • Enterprise Zones
  • Technology Zone
  • Foreign Trade Zones
  • Defense Production Zone

Local Incentives

  • Technology Zones
  • Enterprise Zones
  • Foreign Trade Zones
  • Virginia Port Authority
  • New Market Tax Credits
  • Assistance with Utility Fees & Charges
  • Delivery of Infrastructure to Sites & Buildings
  • Write-down of Costs of Sites & Buildings
  • Cash Grants
  • Combinations of State & Local Grant Programs
  • Capital Investment Programs
  • Redevelopment Programs
  • Real Estate Rehab & Renovation Tax Credits
  • Loans, Grants & Bonds
  • James River Arts & Cultural District Program
  • Tourism Zone