In accordance with Virginia Code, as approved by City Council, the City of Suffolk has created a specialized incentive zone for expanding and newly located technology companies.
Program Benefits:
- A one year 50% return on paid Business License Tax, not to exceed $30,000
- A one year 50% return on paid Personal Property Tax, not to exceed $20,000
Eligibility Requirements: Lockheed Martin
- The Suffolk operation must be a technology business per one of the following North American Industry Classification System classifications: 334, 5112, 517, 518, 51913, 5415, 5417, or 8112
- The Suffolk Operation must be located in the Northern Suffolk Urban/Suburban Development District or Central Urban/Suburban Development District
- A new Suffolk location must occupy a minimum of 2,500 sq. ft. of commercial space; no home based businesses
- Existing Suffolk Operation must expand by a minimum of 2,500 sq. ft. or 10% of existing space, whichever is greater; no home based businesses
- The Company must have a minimum of 5 employees based out of the Suffolk location to qualify.
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