Agribusinesses putting down roots in Isle of Wight County may qualify for the following state and local incentives.
AGRICULTURE & FORESTRY INDUSTRIES DEVELOPMENT (AFID) FUND
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:
LAND USE ASSESSMENT 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.