Business Incentives

Virginia Incentives Summary

Customized recruiting and training incentives are provided through the Virginia Department of Business Assistance’s Virginia Jobs Investment Program, including New Jobs Program, Small Business New Jobs Program, and Retraining Program.
Enterprise Zone program provides cash grants for new job creation and real property investment.
Corporate tax credits are provided through Major Business Facility Job Tax Credit and Worker Retraining Tax Credit.
Financing programs include industrial development bonds for manufacturing projects, incentive grants for targeted industries, and small business programs.
Other discretionary incentives include Governor’s Opportunity Fund, Virginia Investment Partnership Grant, Major Eligible Employer Grant, and Virginia Economic Development Incentive Grant.

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 the City of 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 Company, and REDC Community Capital Group Inc.
Dominion Virginia Power offers a variety of rate options that may lower operating costs for commercial and industrial users.