Discover Virginia


Virginia economy

According to the 2004 U.S. Bureau ofextensively by most notably the United
Economic Analysis report, Virginia’sStates Navy, as well as by NASA and has
gross state product was $326.6 billion.the largest concentration of military
The per capita personal income wasbases and facilities of any metropolitan
$35,477 in 2004.area in the world.
In 2006 Forbes Magazine voted VirginiaTechnology
as having the best climate for businessComputer chips became the state's
in the United States citing economichighest-grossing export in 2006
growth, business costs/incentives andsurpassing its traditional top exports
quality of life.of coal and cigarettes, combined.
Virginia's economy is well balanced withThe state's biotechnology industry is
diverse sources of income. From thenot centralized, but growing,
Hampton Roads area to Richmond and downhighlighted by the building of the
to Lee County in the southwest includesVirginia BioTechnology Research Park
military installations, cattle, tobaccobiotech incubator and the opening of the
and peanut farming in Southsidelauded Janelia Farm Research Campus.
Virginia. Soy recently surpassed tobaccoHampton Roads is currently the
as the most profitable crop in Virginia.third-largest center of the emerging
Wineries and vineyards in the Northernmodeling and simulation industry in the
Neck and along the Blue Ridge MountainsU.S. behind Orlando and Huntsville,
also have become increasingly popular.Alabama.
Northern Virginia (once considered theTaxation
state's dairy capital) hosts software,Virginia collects personal income tax in
communications, consulting, defensefive income brackets, ranging from 3.0%
contracting, diplomats, and considerableto 5.75%. The sales and use tax rate is
components of the professional5%. The tax rate on food is 1.5%. There
government sector. Loudoun and Fairfaxis an additional 1% local tax, for a
counties in Northern Virginia have thetotal of a 5% combined sales tax on most
highest and second highest medianVirginia purchases and a combined tax
household income, respectively, of allrate of 2.5% on food. Virginia's
counties in the United States as ofproperty tax is set and collected at the
2006.[citation needed]local government level and varies
There are seven Fortune 500 companiesthroughout the commonwealth. Real estate
headquartered in Northern Virginia, andis taxed at the local level based on
nine in the Richmond area (most of which100% of fair market value. Effective
are within the city itself).true tax rates on real estate vary and
Virginia, arguably the wealthiestare set by locality. Tangible personal
southern state before the Civil War,property also is taxed at the local
recovered from the Civil War and thelevel and is based on a percentage or
Great Depression much faster than thepercentages of original cost. Tangible
rest of the South. Today, Virginia ispersonal property includes, but is not
one of the wealthiest states in thelimited to, machinery and equipment,
South.furniture, fixtures, and trucks and
Federal Governmentautomobiles. The Virginia General
Well-known government agenciesAssembly exempted intangible personal
headquartered in the state include theproperty from taxation in 1984 by making
Central Intelligence Agency andthe tax rate zero. Virginia does not
Department of Defense. Northern Virginiacollect inheritance taxes; however, its
is a bastion of federal spending[4],estate tax is decoupled from the federal
particularly with regards to defenseestate tax laws, and therefore the
contracting. Hampton Roads is usedCommonwealth imposes its own estate tax.



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