Virginia’s Pro-Business Climate
Locating your business in Camp Parkway Commerce Center allows you to experience the benefits of doing business in a pro-business, right to work state, whose corporate income tax rate – which is lower than the national average – hasn’t increased in more than 50 years.
Below The National Average
Corporate Income Tax
The corporate income tax rate in Virginia has not increased since 1972.
Workers’ Compensation Employment Insurance
Sales and Use Tax
The total Sales and Use Tax rate in Hampton Roads is 6% (state – 5%, locality – 1%), below the U.S. average of 6.75%.
Local governments levy taxes on the depreciated value of equipment used in manufacturing.
Assessed at 100% of its fair market value, is taxed at the local level and includes land, buildings and all improvements. There is no separate school tax.
A tax on levied tangible personal property employed in a trade or business (furniture, fixtures, equipment, machinery, tools, etc.). Some exemptions apply.
Gas, Electric, Water/Sewer, Telephone, Mobile
Virginia offers a variety of performance-based incentives designed to target the needs of companies considering an investment in the Commonwealth. Among these are the Governor’s Opportunity Fund (a discretionary fund available to secure a business location or expansion project) the Major Business Facility Job Credit and location-based incentives such as Foreign Trade Zones, Job Creation Grants, Real Property Investment Grants, Technology Zones and Virginia Port Tax Credits and Incentives.
For more information on specific state and local incentives, please visit the Virginia Economic Development Partnership’s Incentives guide.