Business incentives are available to qualifying Supply Chain companies that locate in the Richmond Region. Below is a sample list:

Program Name Program Description
Barge and Rail Usage Tax Credit Tax credit equal to $25 per 20-foot equivalent unit (TEU) moved by barge or rail. The credit has a spending cap of $1.5 million in any taxable year. A company that is an international trade facility, as defined under the International Trade Facility Tax Credit that transports product by barge or rail rather than by trucks or other motor vehicles on the Commonwealth’s highways is allowed a credit against its corporate income taxes.
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.
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.
Day Care Facility Investment Tax Credit An income tax credit equal to 25% of expenditures used in the construction, renovation, planning, or acquisition of facilities that provide day care for children of the company employees.
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.
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.
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.
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).
Virginia Capital Access Program The Virginia Small Business Financing Authority’s (VSBFA) Virginia Capital Access Program (VCAP) provides access to capital for Virginia businesses by encouraging banks in Virginia to make loans that they would otherwise not make due to a borrower’s risk profile.
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 competitiveness.  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.