VIRGINIA’S...DISCRETIONARY INCENTIVES •Virginia Jobs Investment Program (VJIP) •Governor’s...

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VIRGINIA’S BUSINESS INCENTIVES VEDA Spring Conference Jay A. Langston, Ph.D. April 11, 2014 VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 1

Transcript of VIRGINIA’S...DISCRETIONARY INCENTIVES •Virginia Jobs Investment Program (VJIP) •Governor’s...

  • VIRGINIA’S

    BUSINESS

    INCENTIVES

    VEDA Spring Conference

    Jay A. Langston, Ph.D.

    April 11, 2014

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 1

  • ECONOMIC RETURN MESSAGE

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 2

    Good

    stewards

    of tax

    dollars

    Projects and Agency ROI

    Incentives performance monitoring

    Performance metrics guidance for VEDP

  • INCENTIVES TYPES

    Incentives

    • Statutory (cash & credits)

    • Discretionary

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 3

  • STATUTORY INCENTIVES

    • Enterprise Zones

    – Job Grants

    – Real Property Improvement Grant

    • Major Business Facility Job Tax Credit

    • Green Jobs Tax Credit

    • Research and Development Tax Credit

    • Recycling Equipment Tax Credit

    • Day Care Facility Investment Tax Credit

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 4

  • ENTERPRISE ZONES

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 5

  • MBFJTC

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 6

  • DISCRETIONARY INCENTIVES

    • Virginia Jobs Investment Program (VJIP)

    • Governor’s Opportunity Fund (GOF)

    • Tobacco Region Opportunity Fund (TROF)

    • Virginia Investment Partnership Act

    – Virginia Investment Partnership Grant (VIP)

    – Virginia Economic Development Incentive Grant (VEDIG)

    – Major Eligible Employer Grant (MEE)

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 7

  • DISCRETIONARY INCENTIVES

    • Agriculture and Forestry Industries Development Fund (AFID)

    • Clean Energy Manufacturing Incentive Grant

    • VDOT Economic Access Program (Road Funds)

    • VDOT Transportation Partnership Opportunity Fund (TPOF)

    • Rail Access Program

    • POV Infrastructure Development Zone Grant

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 8

  • LOCAL INCENTIVES

    • Technology Zones

    • Local Enterprise Zone incentives

    • Potential tax grants

    • Potential tax waivers

    • State incentives matches

    – GOF

    – Rail

    – Road

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 9

  • TECHNOLOGY ZONES

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 10

  • STATE COMPARISON

    • Reviewed 10 most competitive states

    • Compared for: – Organizational structure

    – Breadth of programs

    – Target sectors

    – Major incentives

    • Not all programs were incentives

    • Budgets reviewed when possible

    • Competition is increasing and dynamic, particularly funding

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 11

  • TAKE AWAYS

    • Emergence of new competitors – Florida

    – Ohio

    • Virginia is competitive with cash programs

    • Dedicated funding streams – SC $25 million incentive funding

    – OH $100 million program funding

    • Payroll Tax Rebate programs – SC

    – NC

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 12

  • Available in hard and

    electronic copy!

    VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 13


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