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Incentives

Business incentives are available to qualifying companies located in Greater Richmond, Virginia in the Food & Beverage industry cluster. Below is a sample list.

Program Name

Program Description

Clean Energy Manufacturing Incentive Grant Program

Available to eligible companies engaged in the manufacturing of equipment, systems or products used to produce clean energy, or for products used for energy conservation, storage or grid efficiency purposes.

Commonwealth Center for Advanced Manufacturing

Commonwealth Center for Advanced Manufacturing (CCAM) is an applied research center that bridges the gap between fundamental research that is typically performed at universities and product development that is routinely performed by companies.

Defense Production Zone

Legislation that allows a locality to establish a defense production zone.  Each locality that establishes a defense production zone may grant incentives and is able to provide certain regulatory flexibility in the established zone.  Incentives may be provided in the zone for up to 20 years and may include reduction of permit fees, user fees, and any type of gross receipts tax.  Localities may also be able to provide economic development incentive grants and provide special zoning for the district, including permit process reform, exemption from ordinances, and other incentives adopted.

Economic Development Loan Fund

Funds are provided for fixed asset financing to new and expanding industries that are creating new jobs or saving "at risk" jobs in Virginia.

Enterprise Zone Program

The program assists business development and expansion in specially targeted, economically distressed areas.

Export Financing Assistance Program

Working in partnership with two federal agencies, Virginia Small Business Financing Authority can assist qualified exporters with accessing federal export loan guarantees available from the Export-Import Bank of the United States (Eximbank) and the U.S. Small Business Administration (SBA), by packaging and submitting applications for these programs according to the federal guidelines.

Foreign Trade Zone

Foreign trade zones (FTZs) allow businesses to defer paying U.S. Customs duties on imported goods held within the zones until the goods enter the United States for domestic consumption. No duties are paid if goods are re-exported. Companies also receive the benefit of not having to pay duties on broken or wasted product.

Governor’s Agriculture and Forestry Industries Development Fund (AFID)

Strategic grant available to companies that produce “value-added agricultural or forestal products”. A minimum of 30% of the agricultural or forestal products to which the company is adding value must be produced within the Commonwealth of Virginia and the grant request may not exceed $250,000 or 25% of qualified capital expenditures.

Commonwealth's Development Opportunity Fund

Designed as a “deal closing” fund to be employed at the Governor’s discretion when necessary to secure a company location or expansion in Virginia.

Green Job Creation Tax Credit

A $500 tax credit against the Virginia personal or corporate income tax for each new green job, for which the annual salary is $50,000 or more, created within the Commonwealth by the taxpayer.  Credit may be claimed for up to 350 green Jobs in the year the job was created and the four succeeding taxable years, as long as the position was continually filled.

Industrial Development Bond Program

Through this program manufacturers and "exempt" facilities such as solid-waste disposal facilities can obtain fixed asset financing at attractive terms and rates. Creditworthy companies seeking to finance industrial and commercial facilities can obtain long-term financing at favorable interest rates and terms through this Industrial Development Bond Programs.

International Trade Development

The Virginia Economic Development Partnership's (VEDP) Division of International Trade helps Virginia companies sell their manufactured goods and services abroad through the Accessing International Markets (AIM) and the Virginia Leaders in Export Trade (VALET) programs.

International Trade Facility Tax Credit

For taxable years beginning on and after January 1, 2011, but before January 1, 2017, a taxpayer is allowed a credit against their corporate income taxes if the taxpayer is engaged in port-related activities and increase the amount of cargo transported through a port facility located in the Commonwealth by at least 10 percent and hires new employees or makes a new capital investment to facilitate trade.

Major Business Facility Job Tax Credit

Qualified companies locating or expanding in Virginia receive a $1,000 corporate income tax credit for each new full-time job created over a threshold number of jobs.

Major Eligible Employer Grant

Discretionary performance incentives designed for Virginia major basic employers (manufacturing and nonmanufacturing) that make a capitalized investment of at least $100 million and create at least 1,000 new jobs (a minimum of 400 jobs, if average pay is at least twice the area’s prevailing average wage).

Port Volume Increase Tax Credit

A taxpayer engaged in manufacturing goods or the distribution of manufactured goods that uses port facilities in the Commonwealth and increases its port cargo volume at these facilities by a minimum of 5 percent in a single calendar year over its base year port cargo volume is eligible to claim a credit against the corporate income tax in an amount determined by the Virginia Port Authority.

Rail Industrial Access Program

Provides funds to construct railroad tracks to new or substantially expanded industrial and commercial projects having a positive impact on economic development in Virginia.

Recycling Equipment Tax Credit

An income tax credit equal to 10% of the total original capitalized cost of machinery and equipment purchased for processing recyclable materials.

Research and Development Expenses Tax Credit

Tax credit equal to 15% of the first $167,000 in Virginia qualified research and development expenses incurred during the taxable year or they may claim a tax credit equal to 20 percent of the first $175,000 in Virginia qualified research and development expenses if the qualified research was conducted in conjunction with a Virginia college or university.  If the amount of the credit allowed exceeds the taxpayer’s tax liability, the amount that exceeds the tax liability shall be refunded to the taxpayer.

Small Business Environmental Compliance Assistance Fund

Through this program low-interest rate loans are available to small businesses for the purchase and installation of replacement equipment needed to comply with the Clean Air Act; or to implement voluntary pollution prevention measures; or to purchase equipment or structures to implement voluntary agricultural best management practices (BMPs).

Virginia Economic Development Incentive Grant

Assists and encourages companies to invest and to provide new employment opportunities by locating significant headquarters, administrative, research and development and/or similar service and basic sector operations in Virginia.

Virginia Investment Partnership Grant Fund

Discretionary performance incentives designed for Virginia manufacturers or research and development services supporting manufacturing, that make a capitalized investment of at least $25 million while at least maintaining stable employment levels.

Virginia Jobs Investment Program

The Virginia Jobs Investment Program (VJIP) is an economic development incentive supporting the creation of new jobs and investment throughout the Commonwealth and specifically addresses the top concern of existing businesses as well as economic development prospects, i.e. finding and developing a skilled workforce.

Worker Retraining Tax Credit

Virginia employers will be eligible to receive an income tax credit equal to 30 percent of all expenditures made by the employer for eligible worker retraining.

Workforce Innovation and Opportunity Act

The Workforce Innovation and Opportunity Act (WIOA) provides federal funding for employment and training activities to enhance productivity and competiveness.  In Virginia WIOA is administered at the state level by the Virginia Community College System.

Workforce Services Program

Workforce Services, a division of the Virginia Department of Business Assistance, provides customized recruiting and training services to companies creating new jobs or experiencing technological change.

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