Incentives

Details

Published on Tuesday, 19 February 2013 21:58

We Cultivate Opportunities.

Virginia's Growth Alliance is siituated within the Tobacco Indemnification and Revitalization footprint; along with the Tobacco Commission, the Commonwealth of Virginia and the communities within Virginia's Growth Alliance offer a variety of incentives to new and expanding Virginia businesses. Below are a few of the major incentives that may be available to your project:

Tobacco Regional Opportunity Fund

The Tobacco Regional Opportunity Fund (TROF) is a discretionary incentive based on the number of new jobs being created along with their average wage and amount of new capital investment; must invest a minimum of $1 million and create at least 10 jobs over 36 months to be eligible.

Governor's Opportunity Fund

The Governor's Opportunity Fund is a discretionary incentive 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 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.

The Virginia Economic Development Incentive Grant (VEDIG)

The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance incentive, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative or service sector operations in Virginia.

Clean Energy Manufacturing Incentive Grant

The Clean Energy Manufacturing Incentive Grant (CEMIG) is a discretionary performance incentive, designed to encourage clean energy manufacturers to grow in Virginia.

Virginia Jobs Investment Program

The Virginia Jobs Investment Program (VJIP) is 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 Enterprise Zone Job Creation Grant

Qualified businesses in an Enterprise Zone are eligible for cash grants for permanent net new jobs created over a four-job threshold. Qualifying jobs must offer health benefits and meet certain wage thresholds.

Virginia Enterprise Zone Real Property Grant

Qualified investors (entities and individuals) making a qualified investment in industrial, commercial or mixed-use real property located within an Enterprise Zone are eligible for a cash grant.

Regional Enterprise Zone Incentives

From building permit fee waivers to rebates on local machinery and tools taxes, Virginia's Growth Alliance offers local incentives that help companies maintain competitive during their start-up phase.

Call Jeff Reed at 434.738.2544 or 434.265.2382 with questions pertaining to incentives.