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Incentives

The state works with new and expanding employers that create a higher standard of living, enhance the local and state economies, and increase revenues to local and state governments. Incentives are the state's investment in its economic future and a business decision for the company, region, and state.

Designed to target the needs of the company, a variety of performance-based incentives are available. From tax credits to tax exemptions, companies benefit from investing in the Roanoke Region. 

State Incentives

  • Virginia Governor's Opportunity Fund (GOF) is a discretionary incentive 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 Jobs Investment Program (VJIP) offers customized recruiting and training assistance to companies creating new jobs or experiencing technological change. Designed to reduce the human resource development cost of new and expanding companies.
  • Virginia Small Business Financing Authority (VSBFA) offers programs to provide businesses with access to capital needed for growth and expansion.
  • The Governor's Agriculture and Forestry Industries Development Fund (AFID) is a new tool for communities within the Commonwealth to grow their agriculture and forestry industries through strategic grants made to businesses that add value to Virginia-grown agriculture and forest products.
  • Rail Industrial Access Program provides funds to construct railroad tracks to new and substantially expanded industrial and commercial projects. 
  • 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 (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.
  • The Clean Energy Manufacturing Incentive Grant (CEMIG) is a discretionary performance incentive, designed to encourage clean energy manufacturers to grow in Virginia.
  • The Economic Development Access Program and Transportation Partnership Opportunity Fund assist in transportation-related issues related to projects and access to new and expanding basic employers.
  • Virginia offers some of the broadest sales and use tax exemptions in the U.S.
  • No tax on intangible property, manufacturers' inventory, and manufacturers' furniture, fixtures, and corporate aircraft.
  • Corporate Income Tax Credits. Virginia offers a variety of tax credits that are available for use against a company's corporate tax liability:
  • Major Business Facility Tax Credit
  • Recycling Equipment Tax Credit
  • Day Care Facility Investment Tax Credit
  • Worker Retraining Tax Credit
  • Virginia Port Tax Credit Programs
  • Research and Development Tax Credit
  • Green Job Creation Tax Credit

Local Incentives

  • Three Enterprise Zones provide state and local incentives to businesses that invest and create jobs within the zones.
  • Technology Zones created by localities provide incentives that encourage growth in targeted industries.
  • The Roanoke Region is a Foreign Trade Zone, which is designed to help and encourage business to participate in international trade by effectively eliminating or reducing customs duties.
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