Virginia’s cities, counties, and towns have the ability to establish, by ordinance, one or more technology zones to attract growth in targeted industries.
Establishment of a technology zone allows localities to create special incentives and certain regulatory flexibility for qualified businesses locating or expanding operations within a zone.
Virginia’s cities, counties, and towns have the ability to establish, by ordinance, one or more green development zones.
Establishment of a green development zone allows localities to create special incentives and certain regulatory flexibility for qualified businesses locating or expanding operations within a zone.
Virginia’s cities, counties, and towns have the ability to establish, by ordinance, one or more defense production zones to attract growth in national defense-related businesses.
Qualified businesses include:
Virginia offers sales and use tax exemptions for use by a farmer for purchase of tangible personal property for use in producing agricultural products for market, medicine and drugs sold to a veterinarian, or property used to produce agricultural products for market in an indoor, closed, controlled environment commercial agricultural facility.
The Advanced Manufacturing Talent Investment Program and Fund, established pursuant to section 23.1-1244 of the Code of Virginia, was created to increase the number of trained individuals entering advanced manufacturing careers and to improve the readiness of graduates to be employed in identified advanced manufacturing fields. Funds will be allocated to existing programs that serve the Hampton Roads and Southwest Virginia regions (GO Virginia Regions 1 and 5) and other named institutions.
The Virginia Talent Accelerator Program, delivered by VEDP in partnership with the Virginia Community College System, provides world-class training and recruitment solutions that are fully customized to a company’s unique operations, equipment, standards, and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.
Virginia offers sales and use tax exemptions for eligible equipment used directly in manufacturing and research and development operations. Prior to exemptions, the Commonwealth’s combined state and local sales and use tax is 5.3% (4.3% state tax and 1.0% local tax).
An income tax credit is available to manufacturers for the purchase of certified machinery and equipment used for processing recyclable materials in taxable years beginning before January 1, 2025. The credit is equal to 20% of the purchase price of equipment you buy to make things from recycled materials, or to convert waste products into raw materials during the taxable year that the machinery or equipment is purchased.
The Virginia Port Volume Increase Grant Program (PVI Grant) provides grant funding to eligible entities that increase cargo volume by a minimum of five percent (5%) year over year, while utilizing port facilities in the Commonwealth of Virginia. Defined in the PVI program policy, an eligible entity means an agricultural, manufacturing-related, or mineral and gas entity.