LOCAL INCENTIVES
Capital Investment Grant
This grant covers 100% of the property and/or machinery taxes paid to the City of Hampton for eligible manufacturers or office-oriented businesses for up to 3 years. This grant only applies to taxable personal property that have been newly purchased, leased, or transferred from outside of the City of Hampton and has a maximum benefit of $50,000 annually per business.
For an existing business to become eligible, within 18 months of their application, they must:
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For a new business to become eligible, within 18 months of their application, they must:
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Refunds
Business License Refund
This incentive provides a refund of business license taxes for five years on a sliding scale:
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Local Utility Tax Refund
Eligible businesses may receive a refund of utility license taxes for 5 years on the following scale:
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To become qualified for either of these refunds, a business must increase the number of full-time employees by 10% (or if greater, 3 employees) at double the minimum wage within 1 year of their refund application. They must also make an added capital investment of $500,000.
To learn more about these financial incentives, and how to apply, click here to visit the Hampton.gov site.