To support a
pro-business environment, Virginia offers many incentives to startups and to
assist in business growth. These incentives include financial assistance,
facilities development grants, tax credits, and exemptions.
In particular,
The Virginia Jobs Investment Program (VJIP) is one of Virginia's most actively
used and popular economic development incentives. The program encourages the
expansion of existing businesses and startups in finding and developing skilled
workforces. It also helps offset
recruiting and training costs incurred by companies that are either creating
new jobs or implementing technological upgrades.
In addition,
Virginia law currently provides a 100 percent capital gains tax exclusion for
founders of, and investors in, high technology start-up companies located in
Virginia.
According the
the Virginia Economic Development Partnership (http://www.YesVirginia.org), the following are
state programs offering incentives and assistance to startups and expanding
firms:
“Virginia
Investment Partnership Act
The 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 Small Business Financing
Authority (VSBFA)
VSBFA offers programs to provide businesses with
access to capital needed for growth and expansion.
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.
Technology Zones
Virginia authorizes its communities to
establish technology zones to encourage growth in targeted industries.
Presently, 27 cities and counties and 3 towns have created zones throughout the
state.
Center
for Innovative Technology
CIT helps grow
Virginia’s technology industry. Its CIT Entrepreneur program provides up to
$100,000 in funding for promising high-growth technology companies and helps
owners identify potential equity investors.”
