Riverstone Technology Park has been established as a Technology Zone in the Commonwealth of Virginia. Qualified Technology businesses may be eligible for the following Technology Zone incentives:
For qualified jobs located within the Technology Zone, a payment of $250 per new job for 5 years may be available. Only jobs filled by Halifax County citizens are eligible. Jobs must be full time, new jobs and pay at minimum 185% of the federal minimum wage.
At least a 2% return to the business of new investment made in taxable real, personal property, or machinery and tools. The return shall be over a 5-year period and requires wages of at least 175% of current federal minimum wage.
Tax-exempt Industrial Development Bonds (IDBs) are issued through the Industrial Development Authority. These bonds finance new or expanding manufacturing facilities and exempt projects such as solid-waste disposal facilities. Through IDBs, creditworthy businesses can finance up to 100 percent of the cost of acquiring, constructing, and quipping a facility, including site preparation, at favorable interest rates. IDBs may also be used to allow manufacturers to lease facilities and equipment at tax-exempt rates. All projects financed with IDBr must meet federal tax code eligibility requirements. The maximum manufacturing facilities project size is $10 million; exempt projects are not subject to this limitation.
A discretionary incentive based on the number of new jobs being created along with their average wage and amount of new capital investment. Companies must invest a minimum of $1 million and create at least 10 jobs over 36 months to be eligible.
The Governor may use discretionary incentives 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.
The Virginia Investment Partnership (VIP) Grant and the Major Eligible Employer Grant (MEE) are discretionary performance incentives designed to encourage continued capital investment by Virginia companies, resulting in added capacity, modernization, increased productivity, or the creation, development and utilization of advanced technology.
The Virginia Economic Development Incentive Grant (VEDIG) is a discretionary performance incentive, designed to assist and encourage companies to invest and create new employment opportunities by locating significant headquarters, administrative or service sector operations in Virginia.
The Clean Energy Manufacturing Incentive Grant (CEMIG) is a discretionary performance incentive, designed to encourage clean energy manufacturers to grow in Virginia.
The Virginia Jobs Investment Program (VJIP) is 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.
Qualified businesses in an Enterprise Zone are eligible for cash grants for permanent net new jobs created over a four-job threshold. Qualifying jobs must offer health benefits and meet certain wage thresholds.
Qualified investors (entities and individuals) making a qualified investment in industrial, commercial or mixed-use real property located within an Enterprise Zone are eligible for a cash grant.
From building permit fee waivers to rebates on local machinery and tools taxes, Southern Virginia offers local incentives that help companies maintain competitive during their start-up phase.