Norfolk Innovation Corridor to provide tax incentives for startups, firm expansions

From Virginia Business By

The Norfolk Innovation Corridor (NIC), an initiative to attract and retain startups in the region, launched on Thursday, Old Dominion University announced.

Qualifying startups and company expansions can receive tax incentives (abatement of Business, Professional and Occupational License taxes at 100% for two years and 50% for three years) through the NIC, in collaboration with the Norfolk Economic Development Department. Tech companies specializing in combating sea level rise and recurrent flooding as well as cybersecurity, supply chain and maritime logistics are eligible for the program, among other specialties.

Other proposed incentives include exempting technology equipment from business property taxes, support for patents and commercialization and subsidizing access to high-speed broadband.

“Civic and business leaders in Norfolk are prepared to do our part in reviving our region’s economy and making it work for everyone,” Charles V. McPhillips, past president of Greater Norfolk Corp., said in a statement.

Daniel Peterson, a market president for Truist who covers the Hampton Roads region, will chair the NIC.

“In the midst of one of the worst global pandemics in history, the launch of the Norfolk Innovation Corridor is a strong example of the resilience shown by anchor institutions and other economic, physical and networking assets concentrated in the Corridor, which today open doors to new opportunities,” Peterson said in a statement.

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