In the Commonwealth of Virginia, cities and counties are separate governing entities and school districts do not have their own taxing authority. Greater Richmond is comprised of the City of Richmond and Chesterfield, Hanover and Henrico counties.
Both state and local governments are supportive of business. The tax burden is moderate and is shared between businesses and individuals. Virginia’s 6 percent corporate income tax rate has not changed since 1972.
State and local governments are required to operate with balanced budgets and are known for their fiscal responsibility. Virginia consistently receives a Triple A bond rating from the major rating agencies.
Virginia and Greater Richmond have established many business incentives that benefit new and existing businesses, both in the short and long term. Incentives include financial assistance, infrastructure development grants, tax credits and exemptions, customized training and technical support programs.
GRP’s support services include research, information, publications and other services. In addition to real estate information, the Partnership maintains information on critical business factors, including labor, education and training, transportation, utilities, taxes, incentives, area industries and business climate. Presentations tailored to a company’s specific needs and comparisons with other metropolitan areas and states can be provided. These services are provided at no cost to prospective businesses.
The Virginia Economic Development Partnership provides a variety of incentive and grant programs for competitive projects evaluating a location in the Commonwealth. Opportunities include discretionary incentives, financial assistance, infrastructure assistance, recruitment and training incentives and tax incentives.