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Virginia Incentives Summary

Virginia incentives include:

  • Workforce Services training program for companies hiring at least 25 new employees and investing at least $1 million and with at least 50 percent of revenue generated from outside of Virginia
  • Major Business Facility Job Tax Credit against corporate income tax of $1,000 for each new job created over 100 jobs (over 50 jobs in Enterprise Zones and high unemployment areas)
  • Enterprise Zone program provides cash grants for new job creation and real property investment
  • Financing programs include industrial revenue bonds for manufacturing projects, Governor's Opportunity Fund, incentive grants for targeted industries, and small business programs

Greater Richmond Incentives Summary

Greater Richmond incentives include:

  • Infrastructure improvement incentives including road access, utility extensions and connection costs, and off-site improvements will be negotiated by individual localities.
  • Enterprise Zones in Chesterfield, Henrico, and Richmond offer local tax and financing incentives in addition to the state's Enterprise Zone incentives.
  • Foreign Trade Zone #207 at Richmond International Airport provides space for storage, distribution, and light assembly operations. Imported goods held in the zone are not subject to U.S. Customs duties until they leave the zone and enter the U.S. for domestic consumption. Duties are not paid on broken or wasted product or on items that are exported.
  • Financing for small businesses is available through the James River Development Corporation, the Crater Development Corporation, and the Richmond Economic Development Corporation's Micro-Enterprise Loan Program.
  • Dominion Virginia Power offers a variety of rate options that may lower operating costs for commercial and industrial users.
  • Relocation services for company personnel are available through the Greater Richmond Partnership, Inc. and local businesses.