Incentives

Henrico County’s strongest incentive is our pro-commerce environment that is embraced by local government leaders.  Henrico County enjoys and continues to maintain AAA Bond Ratings by Moody’s, Standard and Poors, and Fitches Bond Ratings, making Henrico one of a select few counties in the U.S. with such an achievement.  In addition to sound fiscal management, the County offers: a diversified economy, moderate and stable taxes, a strategic location, a highly productive workforce, an excellent quality of life, and a conservative, results oriented approach to business regulation.

The staff at Henrico’s Economic Development Authority can assist with the creation of  an incentives package for qualifying companies interested in selecting Henrico as their place to conduct business.

Virginia Incentives Summary

• Customized recruiting and training incentives are provided through the Virginia Department of Business Assistance’s Virginia Jobs Investment Program, including New Jobs Program, Small Business New Jobs Program, and Retraining Program.
• Enterprise Zone program provides cash grants for new job creation and real property investment.
• Corporate tax credits are provided through Major Business Facility Job Tax Credit and Worker Retraining Tax Credit.
• Financing programs include industrial development bonds for manufacturing projects, incentive grants for targeted industries, and small business programs.
• Other discretionary incentives include Governor’s Opportunity Fund, Virginia Investment Partnership Grant, Major Eligible Employer Grant, and Virginia Economic Development Incentive Grant.

Review a Virginia incentives at the Virginia Economic Development Partnership's website

Henrico Incentives Summary

• Infrastructure improvement incentives including road access, utility extensions and connection costs, and off-site improvements will be negotiated by individual localities.
• Enterprise Zones offer local tax and financing incentives in addition to the state’s Enterprise Zone incentives.
• Foreign Trade Zone #207 at Richmond International Airport provides space for storage, distribution, and light assembly operations.  Imported goods held in the zone are not subject to U.S. Customs duties until they leave the zone and enter the U.S. for domestic consumption. Duties are not paid on broken or wasted product or on items that are exported.
• Financing for small businesses is available through the James River Development Corporation and REDC Community Capital Group Inc.
• Dominion Virginia Power offers a variety of rate options that may lower operating costs for commercial and industrial users.

Businesses located in an Enterprise Zone are entitled to incentives from Henrico County and the Commonwealth of Virginia. To learn more about these incentives, please see the Enterprise Zones page.