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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 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
Technology Zones Grants specific to individual localities in Virginia’s Gateway Region 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