Agribusinesses putting down roots in Isle of Wight County may qualify for the following state and local incentives.
Funding from the Virginia Department of Agriculture and Consumer Services supports local efforts in attracting new and expanding agriculture and forestry processing/value-added facilities using Virginia grown products.
Isle of Wight County AFID Success Story
Franklin Lumber, a company started by former employees of the shuttered International Paper Franklin sawmill, used AFID funds through a partnership with Isle of Wight County to reopen the facility bringing almost $15 million in new investment and more than 70 good-paying jobs back to the site. Each year the company will purchase almost 200,000 tons of Virginia-sourced logs, creating a major new market for forestland owners in the region.
ECONOMIC DEVELOPMENT INCENTIVE GRANT (EDIG)
The Isle of Wight County Board of Supervisors may grant qualified prospective businesses or developers a cash grant up to five years value of the machinery and tools taxes paid by the business.
Agriculture landowners may qualify for the following program:
Isle of Wight County’s Land Use Assessment Program is a tax deferral program developed under a state law that allows communities to adopt special assessments for agricultural, horticultural, forest and open-space lands. This program encourages the preservation and beneficial use of real estate in order to assure a readily available source of agricultural, horticultural, and forest products and to provide for open-space preservation.