Transportation Partnership Opportunity Fund (TPOF) assistance is awarded at the discretion of the Governor in the form of grants, revolving loans, or other financial assistance to an agency or local government of the Commonwealth for activities associated with eligible transportation projects.
The Virginia Jobs Investment Program (VJIP) is a discretionary incentive that provides funding and services to qualifying companies to support new job creation or upskilling in conjunction with new or expanding operations. The cash grant and accompanying services are intended to offset a company’s recruitment and training costs.
The Virginia Coalfield Economic Development Authority (VCEDA) provides low-interest loans to qualified new or expanding businesses through its financing program. The loans may be used for real estate purchases, construction or expansion of buildings, and the purchase of machinery and equipment. These loans are designed to enhance the economic base of Southwest Virginia's e-Region, which comprises the seven counties and one city of southwestern Virginia: Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise counties and the City of Norton.
The Virginia Enterprise Zone (VEZ) program is a partnership between state and local government that encourages job creation and private investment. VEZ accomplishes this by designating Enterprise Zones throughout the state and providing two grant-based incentives, the Job Creation Grant (JCG) and the Real Property Investment Grant (RPIG), to qualified investors and job creators within those zones, while the locality provides local incentives.
The Virginia Barge and Rail Usage Grant Program (BRU Grant) has been established to provide grant funding for international trade facilities, described in the BRU program policy, that utilize barge and rail systems to move cargo through port facilities in the Commonwealth of Virginia rather than by truck or other motor vehicles on the Commonwealth of Virginia’s highways. In accordance with the established legislation, eligibility requires a facility to increase their barge and rail cargo volume by a minimum of five percent (5%) year over year.
Virginia offers a data center retail sales and use tax exemption (DCRSUT Exemption) on qualifying computer equipment or enabling software purchased or leased for use in certain data centers in the Commonwealth meeting minimum investment and job creation requirements as outlined below.
The DCRSUT exemption is available beginning July 1, 2010, through June 30, 2035, unless the company meets the investment and job creation provisions required for an extension of the DCRSUT outlined further below.
For taxable years beginning before January 1, 2025, the Green and Alternative Energy Job Creation Tax Credit allows a credit against the Virginia individual or corporate income tax for each new green job that pays an annual salary of at least $50,000 that is created within the Commonwealth by the taxpayer. The amount of the annual credit for each new green job will be $500 for each job with an annual salary of $50,000 or more.
The International Trade Facility Grant Program (ITF Grant) has been established to provide grant funding to eligible international trade facilities that increase qualified trade activities at port facilities located in the Commonwealth of Virginia.
Grant funding is applied based on the capital investment made by the applicant to facilitate the qualified trade activities or an increase in employment at an international trade facility.
For taxable years beginning on or after January 1, 2023, but before January 1, 2025, Virginia allows a bank franchise, individual, and corporate income tax credit for incurring more than $5 million of Virginia qualified research and development expenses during a taxable year. The amount of the credit is equal to 10% of the net qualified research and developent expenses up to the first $1 million and 5% thereafter. Net qualified research and development expenses is equal to the difference between:
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.