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Cost

Highlights


  • 6% Corporate income tax
  • 2.6% Unemployment insurance costs
  • Favorable business legislation
  • Favorable workers comp legislation
  • Affordable and reliable resources

Lower

The Fredericksburg Region has one of the lowest overall tax burdens of any metropolitan area in the nation, partly due to a state corporate income tax that hasn’t increased since 1971, making it one of the country’s lowest at 6%. The Region also offers significant labor cost savings compared to nearby Richmond and Northern Virginia, with unemployment insurance costs in the moderate to low range (2.6% for new employees) and workers compensation costs the second lowest in the nation.

Friendlier

Virginia has a reputation for public policy that encourages and protects business investment. Labor legislation and mandated costs are similarly favorable, allowing businesses in the state to maintain labor costs competitive with locations in Maryland and West Virginia. Virginia does not allow automatic cost of living increases in Competitively Priced Utilities workers’ compensation benefits for the totally disabled, as is the case in Maryland, and employers in Virginia are more likely to be successful in contesting workers’ compensation and unemployment insurance claims than employers in West Virginia.

Competitive

Competitively priced power and other utilities are another important source of cost savings for businesses locating in the Fredericksburg Region. InsteelReliable electric power is readily available in the Region from two well established and experienced companies: Virginia Power and Old Dominion Electric Cooperative. Natural gas is available from another company with a long history in the State: Columbia Gas of Virginia. Telecommunication services, including WATS lines, fiberoptics, teleprinter services, and a wide variety of other business and industry resources, are available from Verizon. Contact persons for all these companies are listed below.

  • Dominion Virginia Power

    Mr. Kent Hill

    Economic Development Director

    701 East Cary Street

    Richmond, Virginia 23261-6666

    Phone: 1.804.771.3424

    Fax: 1.804.771.3782

    http://www.dom.com

  • Old Dominion Electric Cooperative

    Mr. C. David Hudgins

    Director, Economic Development

    Innsbrook Corporate Center

    4201 Dominion Boulevard

    Richmond, Virginia 23060

    Phone: 1.800.656.0220 / 1.804.968.4068

    Fax: 1.804.968.4010

    http://www.odec.com/

  • Columbia Gas of Virginia

    2980 Fairview Park Drive

    Falls Church, Virginia 22042

    Phone: 1.703.204.7466

    Fax: 1.703.204.5447

    http://www.columbiagasva.com/

  • Verizon

    Jeffrey Merriman

    Manger-Economic Development

    600 E. Main Street, Suite 1100

    Richmond, Virginia 23219

    Phone: 1.804.772.1913

    Fax: 1.804.772.3686

    http://www.verizon.com/

P. O. Box 119, 1125 Jefferson Davis Hwy., Suite 240, Fredericksburg, VA 22401
p: 540-361-7373 | f: 540-361-7372 | email: inquiry@fra-yes.org