Waterways

The Port of Virginia is located approximately 170 miles east (less than 3.5 hours) of South Boston on U.S. 58.

• Second busiest port on the East Coast (only New York is busier)
• Intermodal Service- cargo may be shifted directly from ship to train or truck
• Trade with more than 100 countries
• Consists of three large state-owned marine terminals: Norfolk International Terminal; Portsmouth Marine Terminal; Virginia Inland Port, a container center in Northern Virginia

The Port of Richmond is less than 2 hours from Halifax County via U.S. 360 and Interstate 95.

• Container and general cargo facility
• Intermodal service
• Excellent inland geographic location
  • 100 miles from the head of the James River
  • Adjacent to Interstate I-95
  • Rail service by CSX Transportation & Norfolk Southern Corporation
• Port Features
  • Dock Apron: 15584' wharf length; 25' depth longside
  • Cranes: M-250 Manitowoc; 4600 Manitowoc, & 4100 Manitowoc; heavy lift capability on request
  • Warehouse Capacity: 284,000 sq.ft.
  • Open Storage: 39 acres; Total Acres: 12
• Weekly container service to Antwerp, Belgium

Motorfreight

Over 30 trucking firms serve the area including six with local terminals in South Boston:

• Estes Express Lines
• R. O. Harrell, Inc.
• Penske Truck Leasing
• Ryder Transportation Services
• Werner & Wilson Transport Services.

Printable list of regional and national trucking companies with local presence. (pdf version)

Southern Virginia Technology Park Incentives

Halifax County’s enterprise zone program offers a number of special state and local incentives to businesses and is designed to encourage job creation and investment within designated zones. Halifax County has one of the Commonwealth’s largest Enterprise Zones. The zone is a joint zone with the Town of South Boston.

General Tax Credit
A 10-year tax credit is available against state income tax liability that results from business activity within an enterprise zone. Small qualified businesses investing up to $15 million and creating up to 50 jobs over a 30-month period receive an 80 percent credit in the first tax year and a 60 percent credit in years two through ten. Businesses investing over $15 million and creating 50 or more jobs must negotiate the general tax credit. To qualify for this credit, 25 percent of a business’ new, full-time employees must meet low-income standards for the area or reside within a zone. The business can select any 10 consecutive years in which to take this credit. Existing businesses, businesses already located in a zone when designated or businesses relocating to a zone must increase fulltime employment by at least ten percent, with 25 percent of the increase meeting the low-income standards for the area or living within the zone.

Refundable Real Property Investment Tax Credit for Investment up to $100 million
A credit against state income tax equal to 30 percent of qualified zone improvements is available for rehabilitation projects investing the greater of $50,000 or an amount equal to the current assessed value of the real property. The minimum investment for new construction projects is $250,000 in qualified improvements. To be eligible for this credit, the facility must either be owner- occupied or leasehold improvements (or a portion thereof) must be made by the business. The credit is available for the tax year the property is placed in service. The maximum cumulative credit is $125,000 in any five-year period. The credit is applied first to tax liability; the remaining balance, if any, is refunded to the company.

Investment Tax Credit for Investment over $100 Million
Businesses investing in excess of $100 million in plant and machinery and thereby also creating 200 jobs are eligible for a negotiated state income tax credit of up to 5 percent of investment. The investment tax credit is negotiated and is available when the negotiated investment threshold is reached. Unused credit balances are carried forward until the full amount is used.

Job Grants
Businesses creating new, full-time positions above a 10 percent increase are eligible to receive grants for three consecutive years of up to $500 per job ($1,000 if a zone resident fills a job). The maximum grant to any one firm is $100,000 a year for the three consecutive years in the “grant period.” Businesses may qualify for additional three-year grant periods with additional job creation. Businesses electing to receive this grant are not eligible to receive the Major Business Facility Job Tax Credit.

Businesses may be locally eligible for:

The Town of South Boston operates an Interest Buy-Down/Revolving Loan Fund for their portion of the zone. Parties interested should contact Tamyra Vest at tvest@southbostonva.us

Technology Zone
Riverstone Technology Park has been established as a Technology Zone in the Commonwealth of Virginia. Qualified Technology businesses may be eligible for the following Technology Zone incentives:

• Exemption from paying the business, professional, and occupational licensure tax for up to 5 years and a charge of the minimum rate following that period
• Rebate of Utility Taxes for 5 years
• Rebate of Building Permit Fees
• Waiver of Water/Sewer Initiation Fees
• May be eligible for State and local Enterprise Zone incentives
• Reduced lease costs
• Technology Opportunity Fund

• New Business Requirements
  
  • Create a minimum of 5 new jobs
  • Create $250,000 in new investment (real, tangible, or machinery and tools) or the equivalent through a 5-year lease or more with the IDA
• Existing Business Requirement
  
  • Create a minimum of 5 new jobs

Riverstone Building Two

Riverstone Building Two houses call centers for the Virginia Department of Motor Vehicles and the Virginia Employment Commission.