Commonwealth's Opportunity Fund
The Commonwealth’s Opportunity Fund (COF), formerly known as the Governor's Opportunity Fund (GOF), is a discretionary incentive 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.
Governor's Agriculture and Forestry Industries Development Fund
The Governor's Agriculture and Forestry Industries Development Fund (AFID) is a new tool for communities within the Commonwealth to grow their agriculture and forestry industries through strategic grants made to businesses that add value to Virginia-grown agricultural and forestal products. AFID grants are made at the discretion of the Governor with the expectation that grants awarded to a political subdivision will result in a new or expanded processing/value-added facility for Virginia grown agricultural or forestal products, and with the expectation that the grant will be critical to the success of the project. The amount of an AFID grant and the terms under which it is given are determined by the Secretary of Agriculture and Forestry and subject to the approval of the Governor.
Virginia Investment Partnership Grant Fund
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. For additional information, including guidelines and application information, please contact: Virginia Economic Development Partnership, P.O. Box 798 Richmond, Virginia 23218-0798 (804) 545-5610 www.YesVirginia.org
The Virginia Economic Development Incentive Grant (VEDIG)
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.
Clean Energy Manufacturing Incentive Grant
The Clean Energy Manufacturing Incentive Grant (CEMIG) is a discretionary performance incentive, designed to encourage clean energy manufacturers to grow in Virginia.
The Virginia Jobs Investment Program (VJIP)
The Virginia Jobs Investment Program
is an incentive program offering customized recruiting and training assistance to companies that are creating new jobs or experiencing technological change. The program is designed to reduce human resource development cost by providing direct funding to qualifying new and expanding companies.
Established in 1965, VJIP is the second oldest economic development incentive in Virginia and one of the most frequently utilized economic development incentives used to encourage existing companies to expand and attract new businesses to Virginia.
Corporate Income Tax Credits
Virginia offers a variety of tax credits
that are available for use against a company's corporate tax liability:
Sales and Use Tax Exemptions
Virginia offers some of the broadest sales and use tax exemptions in the U.S.
Economic Development Access Program
Administered by the Virginia Department of Transportation, this program assists localities in providing adequate road access to new and expanding basic employers.
Rail Industrial Access Funds
The Rail Industrial Access Program
provides funds to construct railroad tracks to new or substantially expanded industrial and commercial projects having a positive impact upon economic development in Virginia.
Financial assistance to any one county, city, or town is limited to $450,000 in any one fiscal year, and the locality may utilize the entire allocation for one project. The state will provide a maximum of $300,000 in unmatched funds. Up to $150,000 in additional funds are available if matched by the community on a dollar-for-dollar basis.
Funds may be used to construct, reconstruct, or improve part or all of the necessary tracks and related facilities on public or private property. Funds may not be used for mainline switch, right-of-way acquisition or adjustment of utilities.
Each application must be accompanied by a resolution from the local governing body requesting the allocation of the funds and must be made before any funds are expended for rail infrastructure
Transportation Partnership Opportunity Fund
TPOF is a discretionary grant available for transportation-related issues related to unique economic development projects.
Virginia Small Business Financing Authority (VSBFA)
VSBFA offers programs to provide businesses with access to capital needed for growth and expansion.
The Virginia Economic Development Loan Fund, the Virginia Loan Guaranty Program, Tax-exempt Industrial Development Bonds, and the Virginia Capital Access Program, etc. are a few of the in-state options available.
Property Tax Incentives
Virginia and the local government of Roanoke County do not tax intangible personal property, manufacturers' inventory, manufacturers' furniture, fixtures or corporate aircraft. There is also no unitary tax on worldwide profits, and no state tax on real estate or tangible property.
2016-17 Virginia Guide to Business Incentives