State & Federal Incentives
Incentives For Businesses in Virginia
Virginia is a strategic partner for businesses seeking growth. State-wide incentives are designed to align with both company needs and local development goals, and when combined with federal programs, the possibilities are limitless.
Investment Incentives
Chesapeake’s investment incentives enable businesses to operate profitably and decrease risks. Chesapeake Economic Development is ready to help your business take advantage of incentives designed to target the needs of both your company and the development plans of localities and the state.
COMMONWEALTH'S OPPORTUNITY FUND (COF)
Discretionary funds available to the Governor to secure a business location or expansion project for Virginia. Grants are awarded to localities on a local matching basis.
VIRGINIA INVESTMENT PERFORMANCE (VIP) GRANT
The Virginia Investment Performance (VIP) Grant and the Major Eligible Employer (MEE) Grant are discretionary performance incentives designed to encourage continued capital investment.
VIRGINIA ECONOMIC DEVELOPMENT INCENTIVE GRANT
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.
VIRGINIA SMALL BUSINESS FINANCING AUTHORITY
The Virginia Small Business Financing Authority (VSBFA) offers programs to provide businesses with access to capital needed for growth and expansion.
The Voluntary Remediation Program (VRP)
The Virginia Voluntary Remediation Program (VRP) allows the City of Chesapeake to exempt, or partially exempt, environmental restoration sites from local taxation annually for a period.
Brownfields
Brownfields allows the City of Chesapeake to exempt, or partially exempt, environmental restoration sites from local taxation annually for a period.
PROPERTY TAX EXEMPTIONS
Virginia does not tax intangible property, manufacturers' inventory, or manufacturers' furniture, fixtures, or corporate aircraft.
SALES & USE TAX EXEMPTIONS
Virginia offers some of the broadest sales and use tax exemptions in the U.S.
Workforce Incentives
Chesapeake, Virginia offers many workforce incentives that increase employee performance and stimulate your business’s productivity.
VIRGINIA JOBS INVESTMENT PROGRAM
Provides funding to mitigate development costs to recruit, train, and onboard new employees or retrain existing employees.
GREEN JOB CREATION TAX CREDIT
A credit against Virginia personal or corporate income tax for each new green job created in the Commonwealth.
MAJOR BUSINESS FACILITY JOB TAX CREDIT
Income tax credit for each new full-time job created over a threshold number of jobs based on certain thresholds.
V3 EMPLOYER GRANT
Grant funding available for V3 certified employers hiring and retaining Veterans for at least one year.
REGISTERED APPRENTICESHIP INCENTIVE PROGRAM
Partial reimbursement for eligible sponsors and employers for certain costs of related instruction. Industry-specific.
WORKER TRAINING TAX CREDIT
An income tax credit equal to 30% of all expenditures made by the employer for eligible worker training.
WORKFORCE CREDENTIALS GRANT
Grants available to partially fund industry credentials in high-demand occupations.
WORKFORCE INNOVATION & OPPORTUNITY ACT
Federal funding for employment and training activities, including incumbent worker retraining and on-the-job training.
Virginia Talent Accelerator Program
The Virginia Talent Accelerator Program accelerates facility start-ups and expansions by expediting recruiting and shortening the new-hire learning curve.
Opportunity Zones
There are three Opportunity Zones in Chesapeake. Each allows investors to receive tax benefits on currently unrealized gains by investing those gains in qualified census tracts.
Have Any Questions About the Incentive Process?
Our team is on standby, ready to help get you the information you need to make your decision with confidence.