Economic Incentives & Tax Credits
High impact incentives for small businesses in Virginia
Virginia’s industries are as diverse as its geography. Home to the largest data center market in the U.S., a varied manufacturing base, and the highest concentration of tech workers in the country, Virginia serves key national and global markets from a central East Coast location. Virginia has a long tradition of advanced materials manufacturing dating back to the early 19th century, when the Commonwealth emerged as a manufacturing leader in the United States. Public, private, and university-based R&D activity drives innovation in Virginia. Virginia’s public universities, such as Virginia Tech and the University of Virginia, invested more than $355 million in advanced materials research in 2019, and every year billions in federal research dollars are spent in Virginia.
Top tax incentive programs for small and medium-sized businesses in Virginia
International Trade Facility Tax Credit
A bundle of two job credits: the Port Jobs Tax Credit and Port Investment Tax Credit
Major Business Facility Job Credit
A credit of $1,000 per new job created in excess of the qualifying threshold amount (minimum number of jobs created by the expansion or establishment).
Major Research and Development Tax Credit
An income tax credit equal to 10% of the difference between this year’s qualifying expenses and 50% of the average amount of the qualifying expenses for the 3 previous years.
Qualified Equity and Subordinated Debt Investments Credit
An income tax credit equal to 50% of the qualified investments you made to qualified businesses during the year
Worker Training Tax Credit
A tax credit for businesses providing training to their workers, or manufacturing training or instruction to middle and high school students.
VA Research and Development Tax Credit
A tax credit for businesses that spent $5 million or less in qualified research and development expenses during the year.
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Subcity empowers small businesses, CPAs, and finance professionals to identify and apply for economic incentives and tax credits. Each year, over $100 billion is allocated for incentives across local, state, and federal programs in the U.S. Unfortunately, a significant portion of this money goes unclaimed or to large corporations with teams of tax attorneys and legal experts.
Subcity utilizes a comprehensive database of incentives to connect small businesses with the programs that were designed to help them create jobs, invest in their communities, and grow their business. Subcity charges a 10-20% fee for the programs they successfully secure, ensuring zero risk for clients as payment is contingent on results. Subcity is on a mission to democratize access to capital for America’s small businesses and has already delivered tens of millions of dollars in tax incentives for clients across the country.