Incentives for Businesses in Central Virginia: What You Need to Know

Do you own a business in Central Virginia? Are you looking for ways to incentivize customers and grow your business? If so, you’re in luck. Central Virginia offers a variety of incentives to businesses that can help you reach your goals. Incentives include financial assistance, infrastructure development grants, tax credits and exemptions, personalized training programs, and technical support. The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance cash incentive that is used to help and encourage companies to invest and create new employment opportunities by locating major central, administrative or service sector operations in Virginia.

The amount of each grant is determined by the Secretary of Commerce and Commerce and is subject to approval by the Governor. There are no restrictions on how grant revenues are allocated. Whether you're starting, relocating, or expanding a business in Loudoun County, there are financial incentives and funding opportunities available that can help lay the foundation for your success. Qualifying taxes include the personal business property tax, which is due on December 5 of each year, the local option sales tax, which is paid monthly, and the taxes on food, beverages and admissions, which are due monthly.

An investment cannot be qualified if the taxpayer, or any of their family members or affiliated entities, has received compensation from the qualifying company in exchange for services within one year before or after the date of such investment. A “qualified investment” is a cash investment in a qualifying company through the purchase of its shares or other property interests, or in the form of subordinated debt. If a taxpayer did not pay or incur qualified research and development expenses in Virginia (R&D) in any of the three tax years immediately preceding the tax year for which the credit is determined, the credit is equivalent to 5% of qualifying Virginia R&D expenses paid or incurred by the taxpayer during the corresponding tax year. Target Sectors At the discretion of the Loudoun County Board of Supervisors, qualified businesses that move or expand within Loudoun County, Virginia, can receive incentives described in these guidelines.

The Department of Development, together with other agencies, offers a series of incentives designed to attract new businesses and encourage the expansion of existing businesses. The State of Virginia authorized the creation of these local incentives and tools for real estate developers and business owners to encourage real estate development, business expansion and employment growth in specific areas of the city. The Property Tax Reduction Program for Residential Rehabilitation is a local incentive for residential housing rehabilitation in the city. VEZ state incentives are available to companies and local investors who create jobs and invest in real estate within the boundaries of business zones.

Technological Zones: a program that offers incentives to encourage the development of commercial and industrial companies dedicated to technological research, design and manufacturing. In no case will the use of computers or telecommunications services by a company in its internal operations qualify the company as a technology company. The Technology Zone is comprised of 125 acres in downtown Winchester, where certain businesses benefit from tax advantages and an environment in which they can grow. To support business growth and encourage the creation of new businesses, the state of Virginia offers numerous incentives for businesses that qualify.

The Virginia Business Zone is managed by the Virginia Department of Housing and Community Development. The Property Tax Reduction Program for Commercial Rehabilitation (CRPTA) is a local incentive for the rehabilitation of commercial and industrial buildings in the city. Central Virginia offers many incentives that can help businesses grow and succeed. From financial assistance to infrastructure development grants to tax credits and exemptions, there are plenty of options available to help you reach your goals.

Whether you’re starting a new business or expanding an existing one, take advantage of these incentives to get ahead.

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