Incentives
The Commonwealth of Virginia and Martinsville-Henry County offer a variety of incentives for new and expanding Virginia employers. The requirements for these incentives vary widely, so contact the Office of Small and Minority Business Development for specific details.
Martinsville UpTown Facade Grant
Martinsville UpTown offers grant money each year to qualified recipients for facade renovations and signage projects. Matching grants are available and prequalification is required.
Enterprise Zones
Virginia's Enterprise Zone program provides state and local incentives to businesses that invest and create jobs within Virginia's enterprise zones, which are located throughout the state.
For information about the City of Martinsville's Enterprise Zone Incentives, click here.
For information about Henry County's Enterprise Zone Incentives, click here.
Technology Zones
Virginia authorizes its communities to establish technology zones to encourage new technology business to develop. Presently, 16 localities have created zones throughout the state.
Virginia Jobs Investment Program
A program that offers customized recruiting and training assistance to companies that are creating new jobs or experiencing technological change. The program is designed to reduce the human resource development cost of new and expanding companies.
Sales and Use Tax Exemptions
Virginia offers some of the broadest sales and use tax exemptions in the U.S.
Property Tax Exemptions
Virginia does not tax intangible property, manufacturers' inventory, and manufacturers' furniture, fixtures and corporate aircraft.
Federal Investment Tax Credit for Certified Historic Rehabilitation
This program is administered by the Virginia Department of Historic Resources and offers federal income tax credits for 20% of the cost of rehabilitating a certified historic structure, or 10% of non-certified structures built prior to 1936.
Virginia Historic Tax Credit Fund
The Virginia Historic Tax Credit fund is a private company, which was formed to provide both an opportunity for all Virginians to share the state income tax credits generated by the program, and a source of equity funding for the developers. For more information, please contact: Virginia Historic Tax Credit Fund, 116 East Franklin Street, Suite 101, Richmond, VA 23219, or call 804-321-3458 or visit the website www.vataxfund.com.
Virginia Small Business Financing Authority (VSBFA)
VSBFA offers programs to provide businesses with access to capital needed for growth and expansion. The programs are as follows:
• Industrial Development Bonds and the Umbrella Bond Program
• Virginia Economic Development Loan Fund
• Loan Guaranty Program
• Child Day Care Financing Program
• Virginia Capital Access Program
• Small Business Environmental Compliance Assistance Fund
• Southside Region Tobacco Capital Access Program
Governor's Opportunity Fund (GOF)
Discretionary funds available to the Governor to secure a business location or expansion project for Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.
Tobacco Region Opportunity Fund (TROF)
The Tobacco Region Opportunity Fund provides monetary grants to localities in Virginia's tobacco producing regions to assist in the creation of new jobs and investments, whether through new business attraction or existing business expansion.
Virginia Investment Partnership Grant Fund
A discretionary investment performance grant program for existing Virginia manufacturers, research and development services supporting manufacturing, and large basic employers. The program is targeted to companies that have operated in Virginia for at least five years and that are proposing expansion projects that meet certain criteria.
For a comprehensive list of state incentives, please see the Virginia Economic Development Partnership's A Virginia Guide To Business Incentives.
