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 – we know how important technological innovators are to the economy. To encourage technology-based businesses we’ve designated the entire City a Technology Zone. This program gives 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 – few communities have such an historic role in US history. To support and grow this industry, Manassas established two tourism zones; in Downtown and at Gateway. Businesses that support travel, hospitality and tourism are eligible for cash grants, fee waivers, and permitting assistance.
In addition, hotels and attractions may be eligible to take advantage of Virginia’s Tourism Development Finance Program (TDFP) – this provides gap financing in partnership with the locality and can be up to 30% of the initial equity needed to support these developments.
A portion of the City has been designated a HUB Zone 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% price valuation preference. In a region where so many companies work with the government, locating in our HUB Zone can provide you a tactical 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 Downtown makes Manassas a great place to live and work. 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 BPOL, 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-tern investments in designated portions of a community. Tax incentives are provided to investors who re-invest 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% after five years and by 15% 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: