The City of Manassas uses incentives to assist existing and prospective businesses offset the costs of expanding or relocating.
Manassas is home to Micron, BAE and Lockheed Martin. After all, we know how important technological innovators are to the economy. To encourage technology-based businesses we’ve designated the entire City a Technology Zone giving Manassas the opportunity to support the businesses and industries of tomorrow. Qualifying companies may receive cash grants and fee waivers and/or be exempted from Business, Professional and Occupational License (BPOL) taxes.
Tourism is vital to our local economy and few communities have such an historic role in U.S. history. To support and grow this industry, Manassas has established two tourism zones: Historic Downtown and at Gateway. Businesses that support travel, hospitality and tourism are eligible for cash grants, fee waivers and permitting assistance.
Plus, hotels and attractions may be eligible to take advantage of Virginia’s Tourism Development Finance Program (TDFP), which provides gap financing in partnership with the locality, and can be up to 30 percent of the initial equity needed to support these developments.
A portion of the City has been designated a HUBZone by the federal government. This designation helps small businesses gain preferred access to federal procurement opportunities, including competitive and sole-source contracting as well as 10 percent price valuation preference. In a region where many companies work with the government, locating in our HUBZone can provide a smart advantage.
For more information about the SBA’s HUBZone Program, including how to apply for certification, please visit the SBA’s HUBZone program website.
Downtown Arts & Tourism District
In this Virginia Main Street Community the unique character and vitality of Historic Downtown make Manassas a great place to live, work and play. Charming restaurants and shops support other businesses in the district and citywide. This designation authorizes special incentives targeted to businesses and non-profits that support tourism and artists. This may include exemption of Business, Professional and Occupational License (BPOL) taxes, cash grants, permitting assistance and fee waivers.
Opportunity Zones, created as a result of the Federal Tax Cuts and Jobs Act of 2017, are designed to encourage long-term investments in designated portions of a community. Tax incentives are provided to investors who reinvest their unrealized capital gains into a designated zone.
Through the federal Opportunity Zone program, communities, investors, companies and others may create Opportunity Funds to direct tax-advantaged investments to the City’s Opportunity Zone.
- Investors may reinvest capital gains from existing investments into an Opportunity Zone Fund and defer/reduce capital gains taxes.
- If held, the original investment’s tax basis increases by 10 percent after five years and by 15 percent after seven years.
- After 10 years, investors permanently eliminate capital gains from the appreciation of their Opportunity Zone investment.
For more information about the federal Opportunity Zone Program and eligibility, please visit the resources below:
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