What is a new job?
A new job is a job of indefinite duration, created by the company as a result of operations within the Commonwealth. It requires a minimum of 35 hours of a qualified full-time employee’s time per week for the entire normal year of the company’s operations. A normal year consists of at least 48 weeks, or a position of indefinite duration that requires a minimum of 35 hours of a qualified full-time employee’s time per week for the portion of the taxable year in which the qualified full-time employee was initially hired for the company’s facility within Virginia.
What positions do not qualify as new jobs?
Seasonal or temporary positions, or jobs created when a position is shifted from an existing location in the Commonwealth to the company’s new facility, do not count as new, permanent full-time positions.
Building and grounds maintenance at the company’s location within the Commonwealth of Virginia do not count as new jobs.
What is “capital investment”?
“Capital investment” means an investment in real property, tangible personal property, or both at a manufacturing or basic non-manufacturing facility within the Commonwealth that is capitalized by the company. Expenditures for maintenance, replacement, or repair of existing machinery, tools, and real property shall not constitute a capital investment; however, expenditures for the replacement of property shall not be ineligible for designation as a capital investment if such replacement results in a measurable increase in productivity.
How long must the company have a presence in Virginia to be eligible for the program?
The company must have a legal presence within the Commonwealth for at least one year prior to applying to the program and be in good standing the SCC to be eligible for the program.