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When Quality of Life Closes the Location Decision Deal

Mark Crawford (Dec/Jan 10)
When it comes to choosing a location, quality of life is a minor consideration for some. But for others, it makes all the difference. More

States Use Incentives to Attract Renewable Energy Business

Richard K. Greene, Senior Associate, The Williams Group Real Estate Advisors (Nov 09)
As the economy recovers, one particularly bright spot will be manufacturing for the renewable energy industry, which is already enjoying healthy popular and government support. More

Does Community Size Matter in Business Success?

Michelle Cammarata, Vice President, Workforce & Location Planning, CresaPartners (Oct/Nov 09)
From new business incentives to hand-to-hand combat, smaller cities are competing in this recession; but a community’s size — large or small — does not tell all. More

Southern Exposure Equals High-Tech Innovation

Mali R. Schantz-Feld (Southern Tech Sites 2009)
This in-depth look at 14 southern states shows how technology is sparking development in a variety of industries. More
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Virginia  At A Glance
POPULATION: 7,769,089 (July 2008 estimate)

LABOR FORCE: 4,210,305 (July 2009 estimate)

RIGHT TO WORK: Yes

TRADITIONAL INDUSTRIES: Transportation equipment, electronic equipment, machinery, printing, food processing, chemicals, wood products, tourism, maritime industry

EXPANDING INDUSTRIES: Aerospace, life sciences, advanced manufacturing, defense/homeland security, information technology, finance and insurance, global logistics, modeling and simulation, energy, corporate headquarters, plastics and advanced materials

COLLEGE GRADUATES: (Age 25 and over) 33.6% (2007)

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
  • • 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)
  • • Providing Access To Capital for Entrepreneurs (P.A.C.E.)
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)
Commonwealth Research Commercialization Fund
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 Program (VALET)
Accessing International Markets (AIM)
    Corporate income tax incentives:
  • • Major Business Facility Job Tax Credit
  • • Day Care Facility Investment Tax Credit
  • • Recycling Equipment Tax Credit
  • • Worker Retraining Tax Credit

Virginia Chart
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