The Commonwealth of Virginia is dedicated to creating a thriving economic environment for new and expanding businesses through a variety of performance-based, targeted incentives. From tax credits to tax exemptions, Virginia regularly invests in those who invest in the Commonwealth.
- Recruitment and Training Incentives
The Commonwealth of Virginia offers incentives for recruitment and training of Virginia employees to both new and existing businesses through programs that assist with the hiring and training process.
- Virginia Jobs Investment Program (VJIP), a division of the Virginia Economic Development Partnership, provides customized recruiting and training services to companies creating new jobs or experiencing technological change. VJIP offers consulting services, organizational development and funding. Funding is provided as cash reimbursements (not tax credits) and is performance based.
- Virginia Enterprise Zones
The Virginia Enterprise Zone Program assists with real estate development and job creation costs in specially targeted areas identified by the locality. Two state incentives are offered to qualifying businesses and investors: Enterprise Zone Job Creation Grants and Enterprise Zone Real Property Investment Grants. These state incentives supplement the Henrico Enterprise Zone Program benefits.
- Corporate Tax Credits
The Commonwealth of Virginia offers corporate tax credits to qualifying companies. Programs include Major Business Facility Job Tax Credit, Worker Retraining Tax Credit, Port Volume Increase Tax Credit, and Barge and Rail Tax Credit.
- Sales and Use Tax Exemptions
The Commonwealth of Virginia offers some of the broadest sales and use tax exemptions in the U.S. Some important exemptions include:
- manufacturers’ purchases used directly in production,
- items purchased for resale by distributors,
- utilities delivered through lines, pipes, or mains, and
- purchases used for research and development.
Additional information may be found in the Tax Incentives section of the Virginia Guide to Business Incentives.
- Discretionary Incentives
For qualifying projects, the Commonwealth of Virginia may offer one of its performance-based financial incentives.
- The Commonwealth’s Opportunity Fund is a state grant which is then matched by a local grant and must be used for qualifying costs such as site improvements, utility improvements and other infrastructure enhancements. Please the attached Virginia Guide to Business Incentives for more information.
- Virginia Investment Partnership Grant (VIP) is a discretionary performance incentive 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.
Additional information may be found in the Discretionary Incentives section of the Virginia Guide to Business Incentives.
For companies looking to locate in Henrico, we offer a variety of local incentives, including economic assistance, real estate credits and job training support. The Henrico EDA can help you determine which incentives your company may qualify for or assist you in creating a specialized incentives package.
- Fast-Track Approval Process
Henrico County will help expedite permitting during the construction and build-out stages for qualifying companies. This process is coordinated by the Deputy County Manager for Community Development and will begin with a conference between the appropriate company executives and all relevant County officials to review all requirements, timing and target dates for the complete build-out of the project.
- Defense Production Zone
As a benefit to national defense-related businesses, Henrico County may establish a defense production zone; this would allow Henrico to create special incentives and certain regulatory flexibility for qualified businesses locating or expanding operations in a zone.
- Henrico Enterprise Zone
An Enterprise Zone is a special area identified by Henrico County and approved by the state as being eligible for incentives designed to stimulate business development and job growth. Businesses within Enterprise Zones can take advantage of state and county incentives for physical improvements to their properties.
- Foreign Trade Zone #207
Richmond International Airport offers space for storage and transport operations. Imported goods are not subject to U.S. Customs duties until they leave the zone for domestic consumption.
- Commercial Rehabilitation Real Estate Tax Exemption
Henrico County will exempt the increased real estate taxes for seven years on improvements made to a commercial or industrial facility if it is at least 26 years old and meets the qualifications outlined in Henrico code.