POPULATION: 8,260,405 (July 1, 2013 estimate)
LABOR FORCE: 4,240,111 (August 2013)
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, cyber security, modeling and simulation, data centers, finance and insurance, corporate headquarters
COLLEGE GRADUATES: (Age 25 and over) 36.1% (2013)
BASIC BUSINESS TAXES:
Corporate Income Tax: 6 percent of federal taxable income, with modifications
Sales and Use Tax: 5.3 percent (4.3 percent state plus 1 percent local tax) in all counties and cities. There is an additional 0.7 percent state tax imposed in the localities that make up Northern Virginia and Hampton Roads. 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
Source: Bureau of Labor Statistics, Quarterly Survey of Employment and Wages, 1st Quarter 2014
