Tax Incentives


  • Like every great city, Virginia Beach benefits from location, environment and well-thought urban planning. Named the "best-run city in America" by 24/7 Wall Street, Virginia Beach has a business environment perfectly aligned to meet your company's needs. The cost of doing business here is well below the national average, thanks in large part to low City and state tax rates, competitive wages and a transportation infrastructure that provides businesses access to more than two-thirds of the U.S. population within a two-day drive.

    There are plenty of reasons to relocate or expand your business in Virginia Beach – not the least of which is the support available from the City of Virginia Beach, and our local, regional, and state partners.

    Virginia’s Tourism Gap Financing program provides revenue to assist in financing an eligible tourism project. The tourism project must fill a void identified in the City’s Resort Area Strategic Action Plan and be located in the City’s Tourism Zone. Qualifying projects receive 1% of the state sales tax upon the project premises, a matching amount of local taxes, and the developer is required to provide a matching amount called an “access fee.” The financing assistance can cover up to 20% of the total project costs.

    Virginia’s Tourism Gap Financing program 

     
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