Virginia: An Ideal State for Business
Virginia is #6 on Forbes’ Best States for Business list because the Commonwealth offers state incentives that businesses need to prosper. When businesses are willing to invest in Virginia and our workers, the Commonwealth is willing to support business through targeted investments that provide immediate returns and long-term benefits for Virginia citizens. Below is a sample of incentives and credits available to eligible firms relocating to or expanding in Virginia. Visit the Virginia Economic Development Partnership or Request a Meeting with the Lynchburg Office of Economic Development to learn more.
The Governor’s Opportunity Fund (GOF) is a discretionary incentive available to the Governor to secure a business location or expansion project for Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.
The Virginia Investment Partnership (VIP) Grant and the Major Eligible Employer Grant (MEE) are discretionary performance incentives designed to encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development and utilization of advanced technology.
The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance incentive, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative or service sector operations in Virginia.
The Virginia Jobs Investment Program (VJIP) is a program that offers customized recruiting and training assistance to companies that are creating new jobs or experiencing technological change. The program is designed to reduce the human resource development cost of new and expanding companies. Learn more
For agricultural and forestry businesses that add value to Virginia-grown products, the Governor’s Agriculture and Forestry Industries Development Fund (AFID) may be available to them. AFID grants are made at the discretion of the Governor with the expectation that grants awarded to a political subdivision will result in a new or expanded processing/value-added facility for Virginia-grown agricultural or forestal products, and with the expectation that the grant will be critical to the success of the project. The amount of an AFID grant and the terms under which it is given are determined by the Secretary of Agriculture and Forestry and subject to the approval of the Governor. Learn more
Virginia offers a variety of tax credits that are available for use against a company’s corporate tax liability:
- Major Business Facility Job Tax Credit
- Recycling Equipment Tax Credit
- Day Care Facility Investment Tax Credit
- Worker Retraining Tax Credit
- Virginia Port Tax Credit Programs
- Research and Development Tax Credit
- Green Job Creation Tax Credit
The Clean Energy Manufacturing Incentive Grant (CEMIG) is a discretionary performance incentive, designed to encourage clean energy manufacturers to grow in Virginia.
Administered by the Virginia Department of Transportation, this program assists localities in providing adequate road access to new and expanding basic employers.
TPOF is a discretionary grant available for transportation-related issues on unique economic development projects.
Provides funds to construct railroad tracks to new or substantially expanded industrial and commercial projects.
The Industrial Revitalization Fund (IRF) leverages local and private resources to achieve market-driven redevelopment of vacant and deteriorated industrial and commercial properties.
The program is targeted toward vacant non-residential structures that create physicial and economic blight to their area due to their poor conditions. Eligible properties shall include those formerly used for manufacturing, warehousing, mining, transportation and power production, as well as large-scale white elephant structures, such as department stores, theaters, hotels and shopping centers. Structures for which the original intended use was solely residential are not eligible.
Only local governments (city, county or town),regional or local economic, or industrial development authorities may apply for the funds. However, localities may designate a redevelopment authority or other similar organization as the designated agent for implementation and administration of activities. Eligible applicants may also partner with private and nonprofit entities.
Contact Anna Bentson at email@example.com for more information.