Incentive Programs

The Commonwealth of Virginia and Henry County offer a variety of incentives for new and expanding Virginia employers. The requirements for these incentives vary widely.  Please contact our Economic Development Corporation for specific details.

Some available incentives include:

Enterprise Zones

Virginia's Enterprise Zone program provides state and local incentives to businesses that invest and create jobs within Virginia's enterprise zones, which are located throughout the state.  Learn more about Henry County's Enterprise Zones.

Technology Zones

Virginia authorizes its communities to establish technology zones to encourage new technology business to develop. Henry County participates in the technology zone program. Please contact our Economic Development Corporation for specific details.

Workforce Services

A program that offers customized recruiting and training assistance to companies that are creating new jobs or experiencing technological change. The program is designed to reduce the human resource development cost of new and expanding companies.

Sales and Use Tax Exemptions

Virginia offers some of the broadest sales and use tax exemptions in the U.S.

Property Tax Exemptions

Virginia does not tax intangible property, manufacturers' inventory, and manufacturers' furniture, fixtures and corporate aircraft.

Federal Investment Tax Credit for Certified Historic Rehabilitation

This program is administered by the Virginia Department of Historic Resources and offers federal income tax credits for 20% of the cost of rehabilitating a certified historic structure, or 10% of non-certified structures built prior to 1936.

Virginia Historic Tax Credit Fund

The Virginia Historic Tax Credit fund is a private company, which was formed to provide both an opportunity for all Virginians to share the state income tax credits generated by the program, and a source of equity funding for the developers. For more information, please contact: Virginia Historic Tax Credit Fund, 116 East Franklin Street, Suite 101, Richmond, VA 23219, or call 804-321-3458.

Virginia Small Business Financing Authority (VSBFA)

VSBFA offers programs to provide businesses with access to capital needed for growth and expansion. The programs are as follows:

  • Industrial Development Bonds and the Umbrella Bond Program
  • Virginia Economic Development Loan Fund
  • Loan Guaranty Program
  • Child Day Care Financing Program
  • Virginia Capital Access Program
  • Small Business Environmental Compliance Assistance Fund
  • Southside Region Tobacco Capital Access Program

Governor's Opportunity Fund (GOF)

Discretionary funds available to the Governor to secure a business location or expansion project for Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.

Tobacco Region Opportunity Fund (TROF)

The Tobacco Region Opportunity Fund (TROF) provides monetary grants to localities in Virginia's tobacco producing regions to assist in the creation of new jobs and investments, whether through new business attraction or existing business expansion.

Virginia Investment Partnership Grant Fund

A discretionary investment performance grant program for existing Virginia manufacturers, research and development services supporting manufacturing, and large basic employers. The program is targeted to companies that have operated in Virginia for at least five years and that are proposing expansion projects that meet certain criteria.

For more information about any of these programs, please contact our Economic Development Corporation.