POPULATION: 8,096,604 (July 1, 2011
estimate)
LABOR FORCE: 4,333,724 (August 2012)
RIGHT TO WORK: Yes
TRADITIONAL INDUSTRIES:Transportation equipment, electronic
equipment, machinery,
metal fabricating, printing, food
processing, chemicals, plastics,
wood products, tourism, maritime
shipping, warehousing,
information technology
EXPANDING INDUSTRIES: Aerospace, composites and
advanced materials, advanced
manufacturing, global logistics,
alternative energy, life sciences,
homeland security, cyber security,
modeling and simulation,
data centers, finance and insurance,
corporate headquarters
COLLEGE GRADUATES: (Age 25 and over) 34.2% (2010)
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):
• Virginia New Jobs Program
• Workforce Retraining
Program
• Small Business New Jobs and
Retraining Program
Technology Zones
Economic Development
Access Program
Rail Industrial Access Program
Transportation Partnership
Opportunity Fund (TPOF)
Foreign-trade zones (FTZs)
Community Development
Block Grants (CDBG)
Virginia Small Business
Financing Authority:
• Industrial Development
Bonds (IDBs)
• Economic Development Loan
Fund (EDLF)
• Loan Guaranty Program
• Environmental Compliance
Assistance Fund (ECAF)
• Small Business Microloan
Program (SBMP)
• Child Care Financing
Program (CCFP)
• Virginia Capital Access
Program (VCAP)
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)
Clean Energy Manufacturing
Incentive Grant (CEMIG)
Tobacco Region Opportunity
Fund (TROF)
Virginia Coalfield Economic
Development Authority
(VCEDA)
Virginia's Small Business
Development Center Network
(VSBDC)
Center for Innovative
Technology (CIT)
Virginia Leaders in Export
Trade (VALET)
Governor's Agriculture and
Forestry Industries
Development Fund (AFID)
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
• Refundable Research &
Development Expenses
Tax Credit
• Port Volume Increase
Tax Credit
• International Trade Facility
Tax Credit
• Barge and Rail Usage
Tax Credit