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
