Statewide Incentives

Incentives by Locality

Chesterfield County

  • Lowest Machinery + Tools Tax in Virginia: Effective tax rate of 25 cents per 100 dollars of assessed value.
  • Business Expansion Incentive Fund (BEIF): Established to promote the expansion and preservation of already-established businesses located in Chesterfield County.
  • Fast Track Permitting: Offers expedited review of both business and site plans.
  • Business First Chesterfield: Participates in an outreach program and helps foster a more productive work environment for local businesses.

City of Richmond

  • Mayor's Opportunity Fund: Grants provided by the Mayor's Office to businesses looking to locate or expand in Richmond.
  • Tax Abatement Incentive Program: Promotes the rehabilitation of older buildings and allows for a partial exemption from certain real estate taxes.
  • Commercial Area Revitalization Effort (CARE): Provides assistance to businesses in 11 different low-income neighborhoods in the City.
  • CItywide Revolving Loan Program + Economic Development Revolving Loan Program: Provide loans to businesses with the intention to create jobs for lower income residents in the City.
  • Arts + Cultural District Micro-Enterprise Revolving Loan Program: Provides capital to businesses and individuals whose goal is to promote the arts and create jobs for low-income individuals in the City's designated Arts and Culture District.
  • Business First Greater Richmond: Provides businesses with the necessary resources needed to grow and succeed in the area.

Hanover County

  • Fast Track Designation: County staff will review the site and business plan within seven working days for priority projects.
  • Land Use Program: Promotes land used for forestry, open space, and agriculture and allows taxes on this land to be deferred.
  • Rehabilitation Tax Exemption Program: Promotes investment in existing residential, commercial, and industrial real estate.
  • Business First Hanover: Operates with Business First Greater Richmond to reach out to local businesses and help businesses with operational issues.

Henrico County

  • Fast Track Approval Process and Accelerated Development Processing: Allows for an expedited review process and a reduction in startup costs
  • Commercial Rehabilitation Real Estate Tax Exemption: Allows for an exemption for 7 years for industrial, commercial, and multifamily real estate.
  • Architectural/Design Assistance Program: Allows for free professional design assistance for exterior building improvements.
  • Building Facade Grants: Allows for interior code violation improvements and external improvements up to the lesser of 33% of the renovation costs or $30,000.
  • Off-site Improvement Grants: Intended to promote water, sewage, and drainage improvements.
  • Paving and Landscaping Grants: Allows for enhancement of existing parking areas and expansion of parking areas as well as landscaping enhancements for parking areas and the front of buildings.
  • Building Demolition Grants: Offers a reimbursement to property owners for demolishing sites to create new businesses.
  • Business First Henrico: Conducts on-site interviews with businesses in order to improve relationships among businesses and the Henrico business environment.