Selection of Incentive Programs
Commonwealth Development Opportunity Fund
The Commonwealth Development Opportunity Fund (COF) is a “deal-closing” fund to be employed at the Governor’s discretion to secure a company location or expansion in Virginia. Administered by the Virginia Economic Development Partnership (VEDP), the COF serves as a final resource for Virginia in the face of serious competition from other states or countries.
Wythe Opportunity Fund
The Wythe Opportunity Fund is a discretionary grant available to certain highly competitive projects considering a location in Wythe County. Considerations for eligibility include taxable capital investment, job creation, and wages paid. Administered by the Joint IDA of Wythe County with funding from the Wythe County Board of Supervisors and other local partners as appropriate.
Governor’s Agriculture and Forestry Industries Development Fund (AFID)
The Governor’s Agriculture and Forestry Industries Development Fund (AFID) is designed to help communities grow their agriculture and forestry industries by supporting businesses that add value to Virginia-grown agricultural and forestal products. AFID grants are made to the locality at the discretion of the Governor for new or expanding facilities for value-added agricultural products for which the funding is critical.
Wythe County and the Commonwealth of Virginia offer a series of high-value state and local incentives businesses new to or expanding in a recognized Enterprise Zone. Those include but are not limited to:
- Real Property Improvement Grant based on improvements to existing construction exceeding $100,000 in value and new construction of over $500,000 in value.
- Job Creation Grant eligibility is determined by number of new, permanent jobs created in excess of four that pay 150% or more of the federal minimum wage.
- Discounted land price
- Discounted building permit fees
- Fast track permitting for all local permits
Tobacco Region Opportunity Fund (TROF)
The purpose of the TROF program is to help make localities in the Tobacco Region more attractive to potential new or expanding businesses by providing monetary grants and loans to localities to support those projects. Projects are evaluated based on job creation, workforce participation rate, community affluence, prevailing community wage, and newly-created taxable assets.
The Commission looks more favorably upon businesses in traded sectors that bring new capital investment in to the region and precludes assistance for retail, foodservice, and service-based businesses as well as non-competitive projects.
Corporate Income Tax Credits
Virginia offers a variety of tax credits that are available for use against a company’s corporate tax liability:
- Major Business Facility Job Tax Credit
- Recycling Equipment Tax Credit
- Day Care Facility Investment Tax Credit
- Worker Retraining Tax Credit
- Virginia Port Tax Credit Programs
- Research and Development Tax Credit
- Green Job Creation Tax Credit
Rail Industry Access Program
Provides funds to construct railroad tracks to new or substantially expanded industrial and commercial projects.
The Clean Energy Manufacturing Incentive Grant
The Clean Energy Manufacturing Incentive Grant (CEMIG) is a discretionary performance incentive, designed to encourage clean energy manufacturers to grow in Virginia.
Economic Development Access Program
Administered by the Virginia Department of Transportation, this program assists localities in providing adequate road access to new and expanding basic employers.
Transportation Partnership Opportunity Fund
TPOF is a discretionary grant available for transportation-related issues related to unique economic development projects.