The Virginia Port Authority offers tax incentives for businesses that import or export through The Port of Virginia.
These tax incentives include:
Port Volume Increase Tax Credit
(Code of Virginia Section 58.1-439.12:10) Tax credit for taxpayers engaged in the manufacturing of goods or the distribution of manufactured goods that use public or private port facilities located in Virginia and increase cargo volume through the facility by 5% in a single calendar year over their base year cargo volume. The credit is $50 per TEU in excess of the base cargo.
Barge and Rail Usage Tax Credit
(Code of Virginia Section 58.1-439.12:09) Tax credit for usage of barge or rail to move cargo rather than by truck or other motor vehicles on Virginia’s highways. Credit is $25 per TEU, 16 tons of non-containerized cargo, or unit of roll-on roll-off cargo in excess of the number of containers shipped by barge or rail by the taxpayer during the immediately preceding taxable year.
International Trade Facility Tax Credit
(Code of Virginia Section 58.1-429.12:06) Tax credit for either creating new jobs or capital investment in an international trade facility as a result of moving 5% more cargo through public or private port terminals in Virginia than in the preceding taxable year. Credit is $3,500 per qualified full-time employee that results from increased qualified trade activities or an amount equal to 2% of qualified capital investment expenses made by the taxpayer to facilitate increased qualified trade costs.
The Port of Virginia Economic and Infrastructure Development Grant Program
(POV Grant) (Code of Virginia Section 62.1-132.3:2) is to incentivize companies to locate new maritime-related employment centers or expand existing centers in the Commonwealth of Virginia in order to encourage and facilitate the growth of The Port of Virginia. Subject to appropriation, a POV Grant is available from Jan. 1, 2014, until June 30, 2025.