Qualified companies locating or expanding in Virginia are eligible to receive a $1,000 income tax credit for each new full-time job created over a threshold number of jobs beginning in the first taxable year following the taxable year in which the major business facility commenced or expanded its operations.
The Virginia Port Volume Increase Grant Program (PVI Grant) provides grant funding to eligible entities that increase cargo volume by a minimum of five percent (5%) year over year, while utilizing port facilities in the Commonwealth of Virginia. Defined in the PVI program policy, an eligible entity means an agricultural, manufacturing-related, or mineral and gas entity.
An income tax credit is available to manufacturers for the purchase of certified machinery and equipment used for processing recyclable materials in taxable years beginning before January 1, 2025. The credit is equal to 20% of the purchase price of equipment you buy to make things from recycled materials, or to convert waste products into raw materials during the taxable year that the machinery or equipment is purchased.
Effective for taxable years beginning on or after January 1, 2011, but before January 1, 2025, Virginia allows a refundable individual and corporate income tax credit for incurring Virginia qualified research and development expenses during a taxable year.
This is an individual and corporate income tax credit for taxpayers with Virginia qualified research and development expenses under $5 million for a taxable year.
For taxable years beginning on and after January 1, 2019, but before July 1, 2025, Virginia allows a tax credit equal to 35% of all classroom training costs, for eligible workers. Eligible worker training includes credit or noncredit courses that results in the employee receiving a workforce credential, or instruction or training that is part of an apprenticeship.
The credit is limited to $500 per qualified employee per year, or $1,000 if the employee is considered a non-highly compensated worker.
Virginia offers sales and use tax exemptions for eligible equipment used directly in manufacturing and research and development operations. Prior to exemptions, the Commonwealth’s combined state and local sales and use tax is 5.3% (4.3% state tax and 1.0% local tax). An additional sales tax is imposed in the Hampton Roads, Northern Virginia, and Richmond regions for a total 6.0% rate, in the City of Danville and counties of Charlotte, Gloucester, Halifax, Henry, Northampton, Patrick and Pittsylvania for a total 6.3% rate.
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TemperPack to invest $10.4 million to establish packaging manufacturing operation
RICHMOND—Governor Ralph Northam today announced that TemperPack, a Richmond-headquartered manufacturer of sustainable thermal insulation for the shipment of perishable goods, will invest $10.4 million to establish a manufacturing operation in Henrico County. The facility will be the company’s second in Virginia. The project will create 141 new jobs.
RICHMOND - Governor Terry McAuliffe today announced that Winchester Metals, a complete package metals industry partner, has invested $140,000 in new equipment at its manufacturing operation in Frederick County. Through the Virginia Jobs Investment Program (VJIP), 29 existing employees will be retrained to operate the new machinery.
Melissa Cox serves as the Human Resource Director at the Virginia Economic Development Partnership, where she is responsible for talent acquisition and retention, performance management, total rewards, and human capital risk management.
Experience
Before joining VEDP in May 1998, Cox served as a long-term substitute teacher with Henrico County Public Schools. Cox also spent five years with the Virginia Department of Agriculture and Consumer Services as an Office Services Specialist in the Office of Product and Industry Standards.