VIRGINIA RANKED 3RD “America’s Top States for Business 2022”

State of Virginia Tax Rates

The corporate income tax rate inVirginia is 6 percent which has not been raised since 1972. Virginia’s unemployment insurance rates and workers’ compensation costs are among the lowest in the nation.

The United States imposes a tax on the profits of U.S. resident corporations at a rate of 21 percent (reduced from 35 percent by the 2017 Tax Cuts and Jobs Act).

Virginia

Virginia

Business Licenses Incentive Program:

• For new qualifying businesses that meet the code qualification and have gross receipts of over $100,000.

• The first two years with the business license will cost only $50.00 each year.

• Business license costs vary based on the industry.

• Some manufacturing and nonprofit organizations may quality for a tax exemption; however, they still need to register with the City Commissioner of Revenue.

Virginia Beach is the largest city in Virginia with a population of almost 500,000. The region enjoys a cost of living below the national average and competitive wages across all industry sectors. The City continues to grow in desirability as an affordable place to live when compared to cities in other metropolitan areas in the mid-Atlantic and northeastern United States. The diverse and skilled workforce that lives in Virginia Beach is also well educated with 38 percent of the population age 25+ having earned a bachelor’s or graduate college degree.

Average Annual Wage Comparison

Below National Average

is the mean annual wage rate across all occupations in Virginia Beach

As part of its pro-business position, Virginia Beach provides competitive commercial rates for office, industrial, and retail spaces. The cost of real estate inventory in the City runs as much as 50 percent below market rates when compared to rates across the United States. The Virginia Beach Department of Economic Development has also created several incubator programs to more directly support small businesses with their space needs in the City.