LEESBURG, VA-Economic development officials are recommending doubling the amount of funds set aside for corporate incentives here.
A staff report authored for the Loudoun County Board's Economic Development Committee recommends increasing the incentive fund from $500,000 to $1 million, according to the Washington Business Journal. The committee is scheduled to discuss the business incentive issue at a session on Jan. 27.
The economic development incentives Loudoun County currently offer to prospective and expanding businesses do not apply to county-based companies that may be thinking of leaving the area.
The current incentives are calculated based on a business's investment, how many new jobs it will create and what affect it will have on the property tax base. They are also limited to companies in "targeted industries," such as IT, aerospace, airport-related or air cargo, federal government contracting, life sciences, destination retail and advanced manufacturing.
The agency staff wrote that the current incentives "do not take into consideration any impact on the tax base that could be lost due to the relocation of an existing company to another jurisdiction." See story in the Washington Business Journal.
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