Incentives

Virginia Economic Development Incentives

Incentives are Virginia’s investment in its economic future. Through cash grants, Virginia demonstrates its willingness to invest in those who invest and reinvest in the Commonwealth.

• Commonwealth’s Development Opportunity Fund is a discretionary incentive available to the Governor to secure a business location or expansion project in 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 invests in agricultural industries through strategic grants made to businesses that add value to Virginia-grown agricultural and forestal products.
• Virginia Investment Performance Grant is a discretionary performance incentive designed to encourage continued capital investments by Virginia companies, which result in added capacity, modernization, increased productivity, or the creation, development and utilization of advanced technology.

Workforce & Job Creation Incentives

• Virginia Jobs Investment Program is an incentive program offering customized recruiting and training assistance to companies that create new jobs or experience technological change. The program is designed to reduce human resource development cost by providing direct funding to new and expanding companies that meet program qualifications.
• Virginia Talent Accelerator Program facilitates start-ups and expansions by expediting recruiting and shortening the new-hire learning curve. Program benefits are delivered as customized services provided at no charge to eligible companies as an incentive for job creation.

Augusta County Incentives

Augusta County’s local incentives are considered on a case-by-case basis and are based on an analysis of job creation, capital investment, and wage rates.

Local incentives may include:

• Cash grants
• Infrastructure development
• Fee waivers
• Tax refunds for increased investments in machinery & tools, real estate, and personal property
• Project specific incentives

Target Industry Tax Incentives

Virginia offers low and stable taxes, including the benefits of no franchise or net-worth tax, a modest sales tax with a broad range of exemptions, and a 6% corporate income tax rate, which has not changed since 1972. Additionally, Virginia offers a toolbox of tax credits and exemptions for target industries, including the following:

• Agricultural Materials and Equipment Tax Exemption offers sales and use tax exemptions for farmers purchasing tangible personal property for use in agricultural production for market, including indoor, closed, controlled environments such as a commercial agricultural facility.
• Commercial and Industrial Sales & Use Tax Exemption offers sales and use tax exemption for purchases used directly in production or research and development.

Port of Virginia Incentives

The Port of Virginia is the deepest and most modern port on the east coast. Industries engaged in port related imports and exports may benefit from the following incentives:

• Port Volume Increase Grant Program
• Barge and Rail Use Grant Program
• International Trade Facility Grant Program

Expansion Assistance

If your company is thinking about expanding, we are here to help. We process incentive applications, assist with zoning and planning issues, and generally do what it takes to make your expansion process fast and easy. Existing businesses may receive tailored assistance with permits and financial incentives to ensure that future business needs are met.

If it’s time to grow your business, please call us at (540) 245-5619.

We can:

• Assess your eligibility for government grants, funding and support
• Ensure that your company receives workforce support
• Put you in touch with the right partners