Virginia works enthusiastically with
new and expanding Virginia employers that create a higher standard of
living for Virginians, enhance the local and state economies, and
increase revenues to state and local governments. Incentives are
Virginia's investment in her economic future and a business decision
for both the Commonwealth and the company. As a result, they must make
good fiscal sense for all parties.
Note: all pages open in new window
Guide to Business Incentives
Visit
the Virginia Economic Development Partnership's Guide to Business
Incentives to see the wide variety of incentives Virginia offers to
encourage new companies to locate in Virginia and existing companies to
expand.
President's High Growth Job Training Initiative
The
President's High Growth Job Training is a strategic effort to prepare
workers to take advantage of new and increasing job opportunities in
high growth/high demand and economically vital industries and sectors
of the American economy. The foundation of this initiative is
partnerships that include the public workforce system, business and
industry, education and training providers, and economic development.
Virginia Department of Transportation (VDOT)
VDOT
administers the Industrial Access Road Program, through which the state
provides new and expanding manufacturing or processing companies funds
to build adequate industrial access roads, including improvements to
existing secondary highway system roads and city streets, and
construction of new road from existing roadway to the new industry's
property line. Visit VDOT's site to view projects underway, road
conditions, and the latest news on Virginia's highways.
Virginia Enterprise Zone Program
This
program assists businesses located in targeted, economically depressed
areas, called enterprise zones, by offering them a package of
incentives including state and local tax relief and grants, local
regulatory flexibility, and local infrastructure development.
Virginia's Workforce Services Program
The
Workforce Services division of the Virginia Department of Business
Assistance provides customized recruiting and training services to
companies that are creating new jobs or experiencing technological
change. As a business development incentive supporting economic
development efforts throughout Virginia, the program reduces the human
resource development costs of new and expanding companies throughout
the Commonwealth of Virginia.
Welfare-to-Work Tax Credit
The
Welfare-to-Work Tax Credit is a federal income tax credit that
encourages employers to hire "Long-term TANF Assistance Recipients" who
begin to work on or after December 31, 2003, and before January 1,
2006. This credit can reduce employers' federal tax liability by as
much as $8,500 per new hire.
Work Opportunity Tax Credit
The
Work Opportunity Tax Credit is a federal tax credit that encourages
employers to hire eight targeted groups of job seekers by reducing
employers’ federal income tax liability by as much as $2,400 per
qualified new worker.
Worker Retraining Tax Credit
Virginia's
Worker Retraining Tax Credit allows an employer to claim a tax credit
for the costs of providing worker retraining to qualified employees.
Eligible worker retraining includes: 1) noncredit courses provided by
any of Virginia's community colleges (www.vccs.edu)
or a private school and 2) credit or noncredit worker retraining
courses undertaken through an apprenticeship agreement approved by the
Virginia Apprenticeship Council. The credit is 30% of all training
costs incurred through a community college, or an annual credit of up
to $100 per student if training through a private school. The credit is
allowable against individual income tax, estate and trust tax,
corporate income tax, bank franchise tax, and taxes imposed upon
insurance companies and utility companies. The credit is nonrefundable,
but excess credit may be carried forward for the next three taxable
years.
