Port Volume Increase Tax Credit
This is a tax credit for taxpayers engaged in the manufacturing of goods or the distribution of manufactured goods, agricultural entities, or mineral and gas entities that use public or private port facilities located in Virginia and increase cargo volume through the facility by 5% in a single calendar year over the base year cargo volume.
Credit is $50 per TEU or one unit of roll-on/roll-off cargo in excess of the base year cargo. Tonnage conversion rate is 16 tons = 1 TEU.
For a major facility - credit is $50 per TEU or unit of roll-on/roll-off cargo during the major facility's first calendar year (5% volume increase can be waived).
For additional information refer to Code of Virginia Section 58.1-439.12:10
Barge and Rail Usage Tax Credit
This is a tax credit for usage of barge or rail to move cargo rather than by truck or other motor vehicle on Virginia's highways.
The credit is $25 per TEU, 16 tons of noncontainerized cargo, or one unit of roll-on/roll-off cargo in excess of the number of containers shipped by barge or rail by the taxpayer during the immediately preceding taxable year.
For additional informatin refer to Code of Virginia Section 58.1-439.12:09
International Trade Facility Tax Credit
This is a tax credit for either creating new jobs or capital investment in an international trade facility as a result of moving 5% more cargo through a public or private port facility in Virginia than in the preceding tax year.
Credit is either (i)$3,500 per qualified full-time employee that results from increased qualified trade activities by the taxpayer or (ii)an amount equal to 2% of qualified capital investment expenses made by the taxpayer to facilitate increased qualified trade activities.
For additional information refer to Code of Virginia Section 58.1-429.12:06
- 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