The Commonwealth of Virginia has a comprehensive suite of incentives to offer new or relocating businesses. Below is a brief summary of some of the state incentives offered.  For a complete comprehensive guide to Virginia’s business incentives please see A Virginia Guide To Business Incentives.

Governor’s Opportunity Fund

The Governor’s Opportunity Fund provides discretionary funds to secure business location or expansion projects for Virginia.   Grants are awarded to localities on a local matching basis to support industrial development projects that create new jobs and investment in Virginia.

Virginia Jobs Investment Program (VJIP)

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.

Virginia Investment Partnership Act

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.

Enterprise Zones

Virginia's Enterprise Zone program provides state and local incentives to businesses that invest and create jobs within Virginia's enterprise zones, which are located throughout the state.

Rail Industrial Access Program

The Virginia Department of Rail & Public Transportation provides funds to construct railroad tracks to new or substantially expanded industrial and commercial projects having a positive impact on economic development in Virginia.  Assistance to any one county, city or town is limited to $450,000.

Industrial Access Road Program

Assists localities in providing adequate road access to new and expanding manufacturing and processing companies, research and development facilities, distribution centers, regional service centers, corporate headquarters or other basic employers.  The maximum award for an economic development access road is $500,000. However, the state will fund an additional $150,000 if the amount is matched on a dollar-for-dollar basis.  


Sales and Use Tax Exemptions

Virginia offers some of the broadest sales and use tax exemptions in the U.S.

Property Tax Exemptions

Virginia does not tax intangible property, manufacturers' inventory, and manufacturers' furniture, fixtures and corporate aircraft.

Virginia Small Business Financing Authority (VSBFA)

The Virginia Small Business Financing Authority (VSBFA), which is housed within the Virginia Department of Business Assistance, offers programs to provide businesses and communities with access to capital needed for economic growth and expansion.  Programs include; Industrial Development Bonds, Economic Development Loan Fund, Loan Guaranty Program, Virginia Capital Access Program, Child Care Financing Program, and the New Markets Tax Credit Program.

For a complete comprehensive guide to Virginia’s business incentives please see A Virginia Guide To Business Incentives.