Virginia eagerly works with businesses with incentives designed to target the needs of both the company and the development plans of localities and the state. The U.S. federal government offers various financial incentives to help businesses grow, many can be paired with other State and Local incentives.
Commonwealth’s Development Opportunity Fund
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 with the expectation that the grant will result in a favorable location decision for the Commonwealth.
Virginia Investment Partnership
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.
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 by locating significant headquarters, administrative or service sector operations in Virginia.
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.
Voluntary Remediation Program & Brownfields
The Virginia Voluntary Remediation Program (VRP) and Brownfields allow the City of Chesapeake to exempt, or partially exempt, environmental restoration sites from local taxation annually for a period not in excess of five years. An environmental restoration site is real estate which contains or has previously contained environmental contamination, and the restoration must diminish or prevent pollution to the atmosphere or waters of the Commonwealth of Virginia.
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.
Virginia Jobs Investment Program
VJIP provides funding to mitigate development costs to recruit, train, and onboard new employees or retrain existing employees to new companies, expanding companies, and companies retraining their employees.
Green Job Creation Tax Credit
A credit against Virginia personal or corporate income tax for each new green job created within the Commonwealth by the tax payer. Limited to specific industry categories.
Major Business Facility Job Tax Credit
Income tax credit for each new full-time job created over a threshold number of jobs. New and expanding companies; specific job classifications; company location determines threshold.
V3 Employer Grant
Grant funding available for V3 certified employers hiring and retaining Veterans for at least one year. 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/trade specific; subject to available funding.
Worker Retraining Tax Credit
Income tax credit equal to 30% of all expenditures made by the employer for eligible worker retraining. Retraining must be certified by VEDP or approved by Commissioner of Labor and Industry.
Workforce Credentials Grant
Grants available to partially fund industry credentials in high-demand occupations. Occupation/curriculum specific.
Workforce Innovation & Opportunity Act
Federal funding for employment and training activities, including incumbent worker retraining and on-the-job training. Various eligibility criteria; client specific.
There are three Opportunity Zones in Chesapeake, Virginia, which allow investors to receive tax benefits on currently unrealized gains by investing those gains in qualified census tracts.
Chesapeake Economic Development guides qualified companies through a simple application process. Our staff is dedicated to bring investment and quality jobs to Chesapeake.
Please contact us to further explore possible incentives for your project.