POPULATION: 7,642,884 (July 2006 estimate)
LABOR FORCE: 4,115,936 (July 2007)
RIGHT TO WORK: Yes
TRADITIONAL INDUSTRIES: Transportation equipment, electronic equipment, machinery, printing, food processing, plastics and polymers, chemicals, wood products and furniture, tourism, maritime industry
EXPANDING INDUSTRIES: Aerospace, biotechnology, advanced manufacturing, defense/homeland security,
information technology, finance and insurance, global logistics and distribution, modeling and simulation
COLLEGE GRADUATES: (Age 25 and over) 33.2% (2005)
BASIC BUSINESS TAXES:
Corporate Income Tax: 6 percent of federal taxable income, with modifications
Sales and Use Tax: 5 percent (4 percent state plus 1 percent local tax) in all counties and cities; broad tax exemptions for manufacturers and R&D are available.
Property Tax: Not taxed at the state level and varies among local entities; real property assessed at 100 percent of fair market value; business personal property (including machinery and tools) assessed at varying percentage of original cost
BUSINESS INCENTIVES:
Work Force Training and Recruitment Programs
Foreign-Trade Zones
Technology Zones
Economic Development
Access Program
Rail Industrial Access Program
Community Development
Block Grants
Small Business Financing Authority:
- • Tax-Exempt and Taxable Industrial Development Bonds
- • Umbrella Bond Program
- • Loan Guaranty Program
- • Virginia Economic Development Loan Fund
- • Small Business Environmental Compliance Assistance Fund
- • Child Day Care Financing Program
- • Virginia Capital Access Program
- • Southside Region Tobacco Capital Access Program
- • New Markets Tax Credit Program
- • Virginia Community Reinvestment Program
Enterprise Zone Job Creation and Real Property investment Grants
Governor’s Opportunity Fund
Virginia Investment Partnership Grant Fund (VIP)
Tobacco Region Opportunity
Fund (TROF)
Virginia Coalfield Economic Development Authority
Virginia’s Small Business Development Center Network (VSBDC)
Virginia Center for Innovative
Technology (CIT)
Virginia Leaders in Export Trade Program (VALET)
Accessing International Markets
Corporate Income Tax Credits:
- • Major Business Facilities Job Tax Credit
- • Day Care Facility Investment Tax Credit
- • Recycling Equipment Tax Credit
- • Worker Retraining Tax Credit