Incentives

EASY TO DO BUSINESS
When making decisions about your business, costs are important. Whether its taxes, labor, construction, or anything else, it all affects business. The Roanoke Region offers companies a favorable business environment with across the board low operating costs combined with Virginia's competitive tax structure and incentives.

• Worker's compensation and unemployment insurance payroll expenses are consistently among the lowest in the nation.
• 6% corporate income tax accounts for less than 10% of total state tax revenues and has not changed in over thirty years.
• Manufacturers receive broad sales tax exemptions for purchases of machinery, tools, replacement parts, and raw materials used in the production process, as well as all utilities delivered through pipes, mains, and lines for all purposes.
• Virginia does not tax accounts receivable, inventory, computer software, or intangibles, and does not levy a license tax on gross receipts.
  
• No school district taxes
• Cost of Living anywhere from six to 10 percentage points less than the national average.
• Low electric rates, competitive construction costs, and reasonable health care costs combine to make business affordable.
  
• Roanoke ranked among the Top 15 Most Affordable Places for Doing Business by Forbes.com

INCENTIVES
The state works with new and expanding employers that create a higher standard of living, enhance the local and state economies, and increase revenues to local and state governments. Incentives are the state's investment in its economic future and a business decision for the company, region, and state.

Designed to target the needs of the company, a variety of performance-based incentives are available. From tax credits to tax exemptions, companies benefit from investing in the Roanoke Region.

• Virginia Jobs Investment Program (VJIP) offers customized recruiting and training assistance to companies creating new jobs or experiencing technological change. Designed to reduce the human resource development cost of new and expanding companies.
  
• Virginia Investment Partnership Grant Fund is a performance grant program for existing manufacturers, research and development services supporting manufacturing, and large basic employers. Target companies that have operated in the state for at least five years and are proposing expansion projects meeting certain criteria.
• Virginia offers some of the broadest sales and use tax exemptions in the U.S.
• No tax on intangible property, manufacturers' inventory, and manufacturers' furniture, fixtures, and corporate aircraft.
• Virginia Small Business Financing Authority (VSBFA) offers programs to provide businesses with access to capital needed for growth and expansion.
  
• Enterprise Zones provide state and local incentives to businesses that invest and create jobs within the zones.
• Technology Zones created by localities provide incentives that encourage growth in targeted industries.
• The Roanoke Region is a Foreign Trade Zone, which is designed to help and encourage business to participate in international trade by effectively eliminating or reducing customs duties.