Blog | 2 min read
Virginia increases incentives to attract businesses looking to expand or relocate
May 7, 2019
Virginia continues to offer one the best pro-business climates in the nation. In an effort to attract more businesses, Gov. Ralph Northam recently signed five bills that will continue to support economic development projects throughout Virginia.
This included House Bill 2003 – which extends the major business facility tax credit; House Bill 221 – reauthorizing the Virginia Investment Performance (VIP) Grant program and the Virginia Economic Development Inventive Grant (VEDIG) program; Senate Bill 1463 – allowing agencies to consider new telework jobs created when evaluating eligibility for a state grant; and House Bill 2182 and Senate Bill 1681 – providing that the state first notify the locality and the local economic development entity of surplus state property before it is offered for sale to the public.
Since January 2018, the Commonwealth has secured over $15 billion in capital investment and over 300 economic development projects. This has led to the creation of more than 48,000 jobs for the citizens of Virginia.
In addition to the new House Bills, Virginia and Greater Richmond have institutionalized 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. Recently, Chesterfield County announced an 86.6% tax rate reduction on data centers operating in the county and Henrico County approved exemptions on BPOL (Business, Professional and Occupational License) taxes up to $400,000.
These significant milestones signal a driving effort to make Virginia and the Richmond Region a competitive location for businesses looking to expand or relocate.
