Port of Virginia Tax Credit Incentives

Bill Franks, CrossGlobe Group's CEO, attended a bill signing Monday, June 20, 2011 in Portsmouth, Virginia.  Governor Bob McDonnell signed three bills designed to encourage growth and enhance The Port of Virginia's competitive position by providing certain port users with tax incentives. The three bills--Volume Increase Tax Credit, International Trade Facility Tax Credit, and State Barge and Rail Usage Tax Credit—provide existing users with tax incentives to use The Port of Virginia more aggressively, while encouraging new users to choose The Port of Virginia.

"The bills provide tax credits for users of the port based on increased cargo volumes, job creation and use of the port's barge and rail services," according to the Port of Virginia official website blog. "This bill grants a $50 per container income tax credit for any company shipping cargo containers via barge or rail."

The legislations signed Monday by Governor McDonnell will help to level the playing field for The Port of Virginia in comparison to other East Coast ports. The competition instilled by the increased tax incentives and tax credits for The Port of Virginia users will help to attract new port users and encourage increased volume among existing users.

"In the past, Virginia has offered very little in the way of tax incentives while other states offered considerable incentive packages," said J.J. Keever, the Virginia Port Authority's deputy executive director, according to the blog.

"The competition to attract new port users or to encourage existing customers to increase volumes is greater than ever," said Keever, "So, you have to do those things that enhance your opportunities and these bills do just that."

At The CrossGlobe Group, we intend to utilize barge services at our Port of Virginia locations in addition to the rail and truck services we offer today. For more information on the Supply Chain Solutions and Logistics services offered by The CrossGlobe Group and the services specifically offered at The Port of Virginia, contact us or email sales@crossglobegroup.com