Prince William County has created a pro-business climate by expanding its targeted industry sectors, using fast-track permitting for targeted industries, competitive real estate and personal property tax rates, aggressive tax depreciation schedules and unique local financing opportunities. These, combined with business incentives offered by the Commonwealth of Virginia, make Prince William County a strong competitor for new business in both national and international markets.
The Prince William County Board of Supervisors maintains an opportunity fund to help attract and retain targeted industries. The Board of County Supervisors may authorize the use of these funds upon the recommendation of the Department of Economic Development. Funds may be used for infrastructure improvements, site preparation, work force services, and/or capital equipment purchases. A Memorandum of Understanding and a financial match are required.
In addition to highly competitive tax rates for business property, Prince William County offers aggressive depreciation schedules for business property. Generally, business property (with the exception of programmable computer equipment and peripherals) is assessed at 85% of its original cost in the year acquired. The percentage decreases in increments of 10% each year thereafter. The depreciation schedule for computer equipment is shown below:
Year 1: 50% of original cost
Year 2: 35% of original cost
Year 3: 20% of original cost
Year 4: 10% of original cost
Year 5: 5% of original cost
Prince William County has three (3) HubZones, two along Interstate 95 and one close to Interstate 66. The U.S. Small Business Administration (SBA) designates “Historically Underutilized Business Zones” or “HUBZones” to incentivize the location and growth of small business in urban and rural communities. Such businesses gain preferential access to federal procurement opportunities by virtue of their location. The HUBZone program was created in 1997 and is administered by the U.S.SBA.
The program’s benefits for HUBZone-certified companies include:
- Competitive and sole source contracting
- 10 percent price evaluation preference in full and open contract competitions, as well as subcontracting opportunities.
- The federal government has a goal of awarding 3 percent of all dollars for federal prime contracts to HUBZone-certified small business concerns.
Make sure to review the HUBZone Primer to understand the requirements to qualify for the program.
A business (except tribally-owned concerns) must meet the following criteria:
- It must be a small business by SBAS definition standards; Detailed criteria matched to the North American Industry Classification System (NAICS);
- It must be owned and controlled at least 51% by U.S. citizens, or a Community Development Corporation, an agricultural cooperative, or an Indian tribe;
- Its principal office must be located within a “Historically Underutilized Business Zone,” which includes lands considered “Indian Country” and military facilities closed by the Base Realignment and Closure Act; and
- At least 35% of its employees must reside in a HUBZone.
If you are eligible click here to apply.
The Commonwealth’s Development Opportunity Fund (COF) is a discretionary financial incentive established to support projects that create new jobs and investment in accordance with certain criteria established by state legislation. Grants are made to the community and may be used for such things as site acquisition and development; transportation access; public or private utility extension or capacity development; construction or build-out of publicly or privately owned buildings or training. New in Fiscal Year 2016, the COF will no longer accept Tobacco Commission grants as part of a local match.
The Commonwealth of Virginia offers six Foreign Trade Zones (FTZs) designed to encourage businesses to participate in international trade by effectively eliminating or reducing customs duties. FTZs allow businesses to defer paying U.S. Customs duties on imported goods held within the zones until the goods enter the United States for domestic consumption. No duties are paid if goods are re-exported. Companies also receive the benefit of not having to pay duties on broken or scrapped product. Businesses are allowed to store goods within foreign trade zones for an unlimited period of time. They are also allowed to manufacture products within zones and pay duties at the duty rate of either the foreign parts used or on the finished product, whichever is most advantageous to the company.
The FTZ serving Prince William County is:
Washington Dulles FTZ #137. Foreign trade zone #137 consists of approximately 271 acres at Washington Dulles International Airport and the following expansion sites: Victory International Warehouse near Washington Dulles; Ft. Collier Industrial Park in Winchester; a 90,000 square foot warehouse in Stonewall Industrial Park in Winchester; property adjacent to Winchester Airport; Wrights Run property - 155 acres zoned for light industrial and commercial; and Hazout expansion site west of Dulles Airport. The Grantee of FTZ #137 is Washington Dulles Foreign Trade Zone, Inc. Contact: Anita Kayser—703.572.8714
To learn more, contact a member of the Economic Development Department who would be happy to assist you.