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.
Below are a few programs of interest. Please visit the Virginia Economic Development Partnership website for a full list.
Governor’s Opportunity Fund
Discretionary funds available to the governor to secure a business location or expansion project. 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.
Virginia Jobs Investment Program
A program that offers customized recruiting and training assistance to companies creating new jobs or experiencing technological change. The program is designed to reduce the human resource development cost of new and expanding companies.
Virginia Investment Partnership (VIP) Act
The VIP Grant and the Major Eligible Employer (MEE) Grant encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity; or the creation, development, and use of advanced technology.
Virginia Economic Development Incentive Grant (VEDIG)
The VEDIG assists and encourages companies to invest and create jobs by locating significant headquarters, administrative, or service-sector operations in Virginia.
Sales and Use Tax Exemptions
Virginia offers some of the broadest sales and use tax exemptions in the U.S.
Property Tax Exemptions
Virginia does not tax intangible property, manufacturers inventory, and manufacturers furniture, fixtures, and corporate aircraft.
Virginia Small Business Financing Authority (VSBFA)
VSBFA offers programs to provide businesses with access to capital needed for growth and expansion.