Business Information & Rankings
- Chief Executive Magazine ranked Virginia as the 7th Best State for Business in its 2006 CEO Confidence Index.
- In terms of economic vitality, Virginia ranked 5th in the Milken Institute’s 2004 National State Technology and Science Index.
- In Forbes Special Report Best Metro Areas for Business and Careers, Washington DC/Northern VA, Norfolk and Richmond were ranked in the top 15. In addition, four other Virginia cities ranked within the Best Small Metro Areas to jump-start a business or a career. Virginia and Texas were the only states with more than one locale in the Top 20.
- Virginia is headquarters to 30 Fortune 1000 firms and more than 770 foreign-affiliated firms. (Yes Virginia website)
- Virginia ranks 9th in terms of venture capital investment, is among the top 15 fastest growing states for venture capital investment and places within the top 10 states for total venture dollars invested.(Yes Virginia website)
Cost of living
|For Richmond, VA (2005)||Index Score|
|Misc. Goods & Services:||105.6|
Virginia has the 14th lowest overall crime ranking in the U.S. (FBI, 2004)
Fees & Taxes
Business Inventory Tax
Taxed. Inventory generally is taxable as merchantï¿½s capital, although local taxing authorities may enact an exemption.
Corporate Income Tax
Virginia’s corporate tax structure consists of a flat rate of 6.0% on all corporate income.
Personal Income Tax
Virginia’s personal income tax system consists of four separate brackets with a top rate of 5.75% starting at an income level of $17,000.
Personal Property Tax
Virginia has no state property tax. The tax is set and collected at the local government level. Real estate is taxed at the local level based on 100% of fair market value. Tangible personal property is taxed and includes, but is not limited to, machinery and equipment, furniture, fixtures, and trucks and automobiles. There is no intangible property tax.
State Sales and Use Tax
Base Rate: 4.00%
Machinery Rate: none
Virginia provides an exemption for machinery or tools, repairs, parts replacements, fuel, power, energy or supplies, used directly in processing, manufacturing, refining, mining or conversion of products for sale or resale.
Virginia’s new employers’ rate is 2.92% for 1 year.