New Market Tax Credits The New Market Tax Credit (NMTC) program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investment must in turn be used by the CDE to provide investments in low-income communities. Learn more about this program here.
Tax Abatement Program This program, administered by the City of Norfolk Real Estate Assessor’s Office, offers taxpayers an opportunity to improve residential, commercial or industrial structures and not pay full taxes on those improvements for 14 years. Learn more about this program here.
Performance-Based Grants In order to be considered for a performance-based Economic Development Incentive, the program must meet the following criteria:
- The projest must represent a significant capital investment
- The project must be a significant job generator
- The project must be a catalyst for future development
- The project cannot be completed to the City's standards without assistance
Grants are funded annually, based on a predetermined sharing ratio, by the City of Norfolk through the EDA.
- Real Estate Tax Abatement Program
- Virginia Economic Development Partnership
- U. S. Small Business Administration
- State Corporation Commission
- Virginia Department of Business Assistance
- Virginia Department of Small Business and Supplier Diversity (SBSD)
- U.S. Department of Commerce, Minority Business Development Agency
- Hampton Roads Procurement Assistance Center
- Hampton Roads Small Business Development Center
- Virginia Business Incentives
- Business USA
- Brownfields Redevelopment