Incentives

Industrial Access Road: Up to $300,000 per project in unmatched State funds to extend public road to site.

Industrial Rail Access Fund: State funds to extend rail siding onto site to serve building. Depending on project and rail traffic generated, potential of up to approximately $100,000 per project available.

Governor's Opportunity Fund: Directed toward site acquisition and development, transportation access; construction or build-out of publicly-owned buildings; grants or loans to Industrial Development Authorities; training; or other permitted by law. No fast limits, but related to investments, jobs created, etc.

Workforce Services: Pre-employment recruitment (Virginia Employment Commission), assessment (Dowell J. Howard Vocational-Technical Center) and no-cost tailored training team (Workforce Services Program, Virginia Department of Economic Development). Customized training for each project, including train the corporate trainer.

Solar Photovoltaic Manufacturing Grant Program: For companies which carry out full, value added product development and manufacture of solar photovoltaic goods in Virginia. Annual grants based on worldwide sales of product. Total available for State is $4.5 million from January 1, 1995 to December 31, 1999.

TAX CREDITS:

Major Business Facility Tax Credit: Provides a one-time Virginia income tax credit of $1,000 per new job, in excess of 100, created by a qualified corporation in Virginia. Each job must be permanent-full time (35 hrs per week for an indefinite duration). The credit is pro-rated equally over three years.

Jobs Tax Credit: Employers hiring specific categories of workers can receive federal income tax credits equal to 40% of the first $6,000 of wages paid to each eligible employee in the first year of employment.

TAX EXEMPTIONS:

Real Estate: Partial exemption from taxation for up to 15 years for qualifying real estate (at least 25 years old) that has been substantially rehabilitated for commercial or industrial.

Property (Local):

Certified pollution control facilities and equipment

Certified recycling facilities, equipment or devices. There is also a State income tax credit of up to 10% of original cost for certified machinery and equipment for processing recyclable materials.

Certified solar energy equipment, facilities, or devices

Intangible property including shares of stock, bonds, notes, accounts receivable, money, or computer software

Manufacturer's inventory

For manufacturers, office furniture, fixtures or corporate aircraft.

Within the City of Winchester, data processing computer hardware used in operations serving other companies is classified at the lower machinery and tools tax rate.

Sales and Use (State and Local):

Custom software

Tangible personal property delivered to a factor or export agent for subsequent export to a foreign country

Property used or consumed directly and exclusively in basic research and development