Industrial Programs
New Business Tax Stabilization Grant:
- For businesses investing $5 million to set up operation with at least 10 employees:
- Taxes escalate from 0% to 100% over 5 years
- For businesses investing $10 million or greater to set up operation with at least 25 employees:
- Taxes escalate from 0% to 100% over 10 years
- May be combined with Employment Credit Grant
| Tax Stabilization Model | ||||||
|---|---|---|---|---|---|---|
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | |
| M & T Tax Break | 100% | 80% | 60% | 40% | 20% | 0% |
| Machinery & Tools Investment | $2,000,000 | $2,000,000 | $2,000,000 | $2,000,000 | $2,000,000 | $2,000,000 |
| Tax Rate (Effective rate/$100) | $0.80 | $0.80 | $0.80 | $0.80 | $0.80 | $0.80 |
| Machinery & Tools Annual Tax | $0.00 | $3,200 | $6,400 | $9,600 | $12,800 | $16,000 |
Commercial & Industrial Property Rehabilitation Tax Exemption:
- Property must be no less than 20 years old
- Improvements should increase the assessed real estate value by 40% without increasing total square footage of structure by 15%
- Application must be submitted with building permit and fee paid
- Printable Applications may be mailed to the Campbell County Real Estate Office, P.O. Box 100, Rustburg, VA 24588.
Economic Stimulus Grant:
- Grant not to exceed 50% of the annual county net new tax revenue generated per year by new capital investments, not to exceed four years
- Initial capital investment must be at least $1,000,000.00
Employment Credit:
- Minimum of 25 new full-time jobs with benefits
- Maximum grant of $450 per qualifying full-time job created
- One time award of employment credit of job created
| Average Hourly Wage Rate* | Maximum Employment Credit Per Job | FY20 Hourly Wage |
|---|---|---|
| 75% of the Average Hourly Wage | $150.00 | $16.25 |
| 85% of the Average Hourly Wage | $200.00 | $18.42 |
| Average Hourly Wage | $300.00 | $21.67 |
| 10% above the Average Hourly Wage | $350.00 | $23.88 |
| 20% above the Average Hourly Wage | $400.00 | $26.00 |
| 35% above the Average Hourly Wage | $450.00 | $29.25 |
(Source: JobsEQ a Chmura Economics & Analytics database. Data as of 2020. Revised: April 7, 2022)
More information about each of these grants may be obtained through Campbell County Economic Development at (434) 332-9595.