Incentives for New Businesses in Amherst County, Virginia
Amherst County wants your business. We work hard to understand the needs of companies and work proactively to address them. We understand every project is unique and we are ready to find creative ways to meet the constantly changing demands of business.
The Amherst County EDA is your first point-of-contact to access local and state incentive programs. Please call or email our office to discuss what programs make the most sense to encourage the growth and success of your business.
To assist in starting or relocating your business in Amherst County, we offer the following incentive:
- Incentives can be awarded to “basic”, for profit businesses deriving more than 50% of their revenue from sales outside the county; or for profit businesses can qualify if they derive over 50% of their revenue in direct support of “basic” businesses.
- Incentives will not be awarded to non-profit organizations or institutions except in situations as determined by the Amherst County Board of Supervisors
- Qualifying businesses include any commercial enterprise (manufacturing, service, distribution, agriculture, etc.) that meets requirements of all applicable legal codes the thresholds indicated below.
- To qualify, new businesses must make a new taxable capital investment of at least $500,000.
Amount & Duration
- The amount of an incentive will generally equal the same amount the business pays in new taxes over a 5 year period as a result of new capital investment. The incentive award will be in the form of reimbursement of paid taxes on an annual basis.
- Incentives can be spread over a period of 10 years if the business chooses.
- Some additional incentives may be awarded in the form of a partial write-down in value for businesses purchasing property in the Amelon Commerce Center.
- A business must apply for incentives prior to formally contracting for the purchase of capital equipment or facilities.
- Completed written applications must be submitted to the Economic Development Authority of Amherst County.
Investing In Each Other
Virginia works enthusiastically with new and expanding employers that create a high standard of living for Virginians and enhance local and state economies through increased revenue growth. Incentives are Virginia’s investment in its economic future and a business decision for both the Commonwealth and the company. As a result, they must make good fiscal sense for all parties. Virginia continues to demonstrate a willingness to invest in those who invest in the Commonwealth. (Source: yesvirginia.org)
Potential state grant programs:
- Governor’s Opportunity Fund
- Virginia Investment Partnership Act
- The Virginia Economic Development Incentive Grant (VEDIG)
- Clear Energy Manufacturing Incentive Grant
- Virginia Jobs Investment Program (VJIP)
- Corporate Income Tax Credits Sales and Use Tax Exemptions Property Tax Exemptions
- Economic Development Access Program
- Rail Industrial Access Program Transportation Partnership Opportunity Fund
- Virginia Small Business Financing Authority (VSBFA)
- Enterprise Zones
- Technology Zones
- Foreign Trade Zones
- Defense Production Zones