Local & State Incentives – New Businesses

Incentives for New Businesses in Amherst County, Virginia

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Photo by Lee Luther Jr

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:

Qualifying Businesses
  • 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.
Applying
  • 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.

Contact Information

 

State IncentivesVirginia Economic Development Partnership - Business Location and Site Selection Services - Economic Development

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

 

Learn More

 

Stories Of Success

  • Black Box Network Services
    Jim Meade / Retired Vice-President
    Amherst was incredibly receptive and supportive of our relocation. We have a Network Operations Center that remotely monitors voice and data networks for our customers globally, and having guaranteed and reliable power and internet access is a must, for our customers success, as well as our own. Not only did we have access to stable and…
  • S & S Machine, T.R.U. Ball
    Ben Summers / Director of Operations
    Amherst County has given our company several advantages over the years, including a great selection of skilled employees, a centralized location in the United States, and the freedom and space to grow. Over the past 30 years, S&S Machine, Inc. has grown from a small two-man machine shop to an archery manufacturing business with 100…
  • Old Dominion Footwear
    Malcolm Sydnor / President
    We love doing business in Amherst County. The location is great, with quick access to US 460, US 29, and then to US 64. Old Dominion Footwear designs, manufactures, markets and distributes footwear throughout the United States, Canada and around the world. It’s easy to get our goods from the Norfolk port and distribute them…