Virginia Passes Data Center Tax Incentives
What has Tennessee elected officials done to get the data center business?
The state of Virginia has adopted targeted tax incentives to attract major data center projects to the state, which is already one of the most active data center markets. The incentives are designed to keep Virginia competitive with other states that have passed similar tax incentives to attract data center projects, and positions the commonwealth to benefit from IT investment in the Obama administration’s economic stimulus plan.
Last month both houses of the Virginia General Assembly unanimously passed the incentive package, which offers tax breaks on servers and other equipment purchases for either new or existing data centers. The bill was promptly signed into law by Gov. Tim Kaine.
The new measure offers an exemption from the Virginia Retail Sales and Use tax for computer equipment bought or leased between July 1, 2010 and June 30, 2020 for use in a data center. The facility must be located in Virginia, generate capital investment of at least $150 million and create at least 50 new jobs that pay one and one half times the prevailing average wage in the locality.
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