Federal Programs:

Existing

New Market Tax Credits:  Seven year credit against federal income taxes for making 5% qualified equity investments in targeted areas, resulting in gap financing for businesses. 

SBA Loans: Generally used for start-up businesses and to meet varied short and long term needs. 

State Programs:

Existing

Governor's Opportunity Fund: Discretionary funds 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): A program that offers customized recruiting and training assistance to companies that are creating new jobs or experiencing technological change. The program is designed to reduce the human resource development cost of new and expanding companies.

Virginia Investment Partnership Grant Fund: A discretionary investment performance grant program for existing Virginia manufacturers, research and development services supporting manufacturing, and large basic employers. The program is targeted to companies that have operated in Virginia for at least five years, which are proposing expansion projects meeting certain criteria.

Sales and Use Tax Exemptions: Virginia offers some of the broadest sales and use tax exemptions in the U.S.

Property Tax Exemption:  Virginia does not tax intangible property, manufacturers' inventory, and manufacturers' furniture, fixtures and corporate aircraft.

Virginia Small Business Financing Authority (VSBFA): VSBFA offers programs to provide businesses with access to capital needed for growth and expansion. The programs are as follows:
•    Industrial Development Bonds and the Umbrella Bond Program
•    Virginia Economic Development Loan Fund
•    Loan Guaranty Program
•    Child Day Care Financing Program
•    Virginia Capital Access Program
•    Small Business Environmental Compliance Assistance Fund
•    Southside Region Tobacco Capital Access Program

Enterprise Zones: Virginia's Enterprise Zone program provides state and local incentives to businesses that invest and create jobs within Virginia's enterprise zones, which are located throughout the state.

Foreign Trade Zones: Virginia offers six foreign trade zones designed to encourage businesses to participate in international trade by effectively eliminating or reducing customs duties. Also, numerous subzones are provided and additional ones can be designated to enhance the trade capabilities of specific companies.

Fairfax County Programs

Existing

BPOL Tax Exemption: The Business, Professional and Occupational license (BPOL) tax is an annual tax based on gross receipts for the preceding year. Companies with gross receipts more than $10,000 must pay a fee or the tax. However, Fairfax County does allow certain specific exclusions and adjustments, including:

•    Software Development Companies - Software sales, leases or licensing may be excluded from gross receipts by companies that design, develop or create computer software in Fairfax County.

•    Government computer hardware/software sellers - The original cost (not resale price) of computer hardware or software sold under contract to a state or federal government entity in the United States within two years of purcha se may be deducted from gross receipts.
 
•    Nonprofits - Except for unrelated business income, the income of charitable nonprofit organizations may be excluded from gross receipts.

Fairfax County Tax Abatement Program:

Partial tax abatement is available to those owners who meet the following requirements:

• Commercial building is more than 25 years old
• Owners who increase thier property's market value by a minimum of 125%
• Click here to view the Fairfax County Tax Abatement - Revitalization Program Fact Sheet