Regional board makes adjustments to create favorable tax rate, investment climate for tech companies

A regional group that recruits tech businesses to Southwest Virginia has agreed to lower equipment tax rates to the lowest level in the state.

The Lonesome Pine Regional Industrial Facilities Authority voted Tuesday to adopt and implement a 24 cent tax rate for data center equipment—a key component in their efforts to attract companies to the region for data storage needs.

Bills were passed in the recent General Assembly in Richmond to assist the organization with incentives that could be used for engaging business leaders including the number of jobs and investment capital needed for a retail sales and tax exemption.

The authority includes representation for Dickenson, Lee, Scott, and Wise counties and the City of Norton.

(IMAGE: Unsplash)