Financing Resources

Financing Resources

Financing Resources

Virginia Small Business Finance Authority2:  The Virginia Small Business Financing Authority (VSBFA) is the Commonwealth of Virginia’s business and economic development financing arm.  

Virginia Community Capital3: Partners with organizations and individuals to provide financial resources and advisory services for projects designed to have a positive impact in their community. 

Agriculture & Forestry Industries Development Grant4:   The Governor’s Agriculture and Forestry Industries Development (AFID) Fund is a discretionary, performance-based economic development incentive specifically for agriculture and forestry value-added or processing projects.  

 

State Tax Incentives

  • Barge and Rail Usage Tax Credit5: Virginia offers to international trade facilities that transport containers by barge or rail, rather than by trucks or other motor vehicles on Virginia’s highways. 
  • Port Volume Increase Tax Credit6: A company that increases its usage by 5% in a single calendar year over its base year of port cargo volume can claim a credit against its corporate income tax of up to $250,000. Benefits manufacturing, distribution, agriculture, and mineral and gas companies that utilize Virginia’s port facilities.
  • Commercial and Industrial Sales & Use Tax Exemption7: Virginia offers sales and use tax exemptions for eligible equipment used directly in manufacturing and research and development operations.
  • Data Center Retail Sales & Use Tax Exemption8: Virginia offers an exemption from retail sales and use tax for qualifying computer equipment purchased by data centers that meet statutory investment and employment requirements. 
  • Green Job Creation Tax Credit9: For taxable years beginning before January 1, 2021, the Green Job Creation Tax Credit allows a credit against the Virginia individual or corporate income tax for each new green job created within the Commonwealth by the taxpayer. 
  • International Trade Facility Tax Credit10: The International Trade Facility Tax Credit benefits companies that increase port volume by 5% through Virginia ports and either create jobs or make capital investment in an international trade facility.
  • Major Business Facility Job Tax Credit11: Qualified companies locating or expanding in Virginia are eligible to receive a $1,000 income tax credit for each new full-time job created over a threshold number of jobs beginning in the first taxable year following the taxable year in which the major business facility commenced or expanded its operations. 
  • Major R&D Expenses Tax Credit12: Effective for taxable years beginning on or after January 1, 2016, Virginia allows an individual and corporate income tax credit for incurring more than $5 million of Virginia qualified research and development expenses during a taxable year.
  • Recyclable Materials Processing Equipment Tax Credit13: An income tax credit is available to manufacturers for the purchase of certified machinery and equipment used for processing recyclable materials in taxable years beginning before January 1, 2020. 
  • Refundable R&D Expenses Tax Credit14: Effective for taxable years beginning on or after January 1, 2011, but before January 1, 2022, Virginia allows a refundable individual and corporate income tax credit for incurring Virginia qualified research and development expenses during a taxable year. 
  • Worker Retraining Tax Credit15: The Worker Retraining Tax Credit may be claimed by employers who provide qualifying retraining for their employees through noncredit classes approved by the Virginia Economic Development Partnership.

Page Links
  1. http://6yao.mmmukg.com/start-a-business
  2. http://www.sbsd.virginia.gov/virginia-small-business-financing-authority/
  3. http://www.vacommunitycapital.org/lending/small-business-lending/small-business-faq/
  4. http://www.vdacs.virginia.gov/agriculture-afid-facility-grants.shtml
  5. http://www.vedp.org/incentive/barge-and-rail-usage-tax-credit
  6. http://by1.mmmukg.com/
  7. http://www.vedp.org/incentive/commercial-and-industrial-sales-use-tax-exemption
  8. http://www.vedp.org/incentive/data-center-retail-sales-use-tax-exemption
  9. http://3.mmmukg.com/
  10. http://www.vedp.org/incentive/international-trade-facility-tax-credit
  11. http://zkj.mmmukg.com/
  12. http://www.vedp.org/incentive/major-rd-expenses-tax-credit
  13. http://www.vedp.org/incentive/recyclable-materials-processing-equipment-tax-credit
  14. http://www.vedp.org/incentive/refundable-rd-expenses-tax-credit
  15. http://www.vedp.org/incentive/virginia-jobs-investment-program-vjip