POPULATION: 7,882,590 (July 2009 estimate)
LABOR FORCE: 4,227,627 (July 2010 estimate)
RIGHT TO WORK: Yes
TRADITIONAL INDUSTRIES: Transportation equipment, electronic
equipment, machinery, printing,
food processing, chemicals, plastics,
wood products, tourism, maritime
shipping
EXPANDING INDUSTRIES: Aerospace, composites and
advanced materials, advanced
manufacturing, global logistics,
alternative energy, life sciences,
homeland security, cyber security,
modeling and simulation, information
technology, data centers,
finance and insurance, corporate
headquarters
COLLEGE GRADUATES: (Age 25 and over) 33.7% (2008)
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
Virginia Jobs Investment Program
(VJIP):
• New Jobs Program
• Small Business New Jobs Program
• Small Business New Jobs
Grant Fund
• Retraining Program
Technology Zones
Economic Development Access
Program
Rail Industrial Access Program
Transportation Partnership
Opportunity Fund (TPOF)
Foreign trade zones
Community Development Block
Grants (CDBG)
Small Business Financing Authority:
• Industrial Development Bonds
(IDBs)
• Loan Guaranty Program
• Economic Development Loan
Fund (EDLF)
• Child Care Financing Program
(CCFP)
• Virginia Capital Access Program
(VCAP)
• Southside Region Tobacco
Capital Access Program (TCAP)
• New Markets Tax Credit Program
(NMTC)
Enterprise Zone Job Creation and
Real Property Investment Grants
Governor's Opportunity Fund (GOF)
Virginia Investment Partnership
Grant (VIP)
Major Eligible Employer Grant (MEE)
Virginia Economic Development
Incentive Grant (VEDIG)
Tobacco Region Opportunity
Fund (TROF)
Virginia Coalfield Economic
Development Authority
Virginia's Small Business
Development Center Network
(VSBDC)
Center for Innovative Technology
(CIT)
Virginia Leaders in Export Trade
(VALET)
Corporate income tax incentives:
• Major Business Facility Job Tax
Credit
• Day Care Facility Investment Tax
Credit
• Recycling Equipment Tax Credit
• Worker Retraining Tax Credit
• Green Job Creation Tax Credit
