Benefits of a Technology Zone
Having a technology zone can be very beneficial to your business, especially if you are in the manufacturing sector. You can benefit from tax incentives and other benefits, such as free BPOL fees. These benefits can help you to reduce the cost of doing business and can also help you to make your company a success. Tax incentives
Several localities and communities in the state of Virginia have established tax incentives for technology zones. These zones are intended to help new and existing businesses expand and grow. They provide financial support and regulatory flexibility to businesses in the zone.
Virginia Technology Zones are intended to encourage the development of technological businesses, including manufacturing, design, and design-related businesses. They also provide tax incentives and rebates for businesses that operate within the zone. Specifically, businesses within the zone are exempt from paying business license fees for 10 years. Additionally, businesses that operate within the zone may qualify for a 50% refund on business license fees for ten years.
The Technology Zone Energy and Defense Infrastructure Grant is available for businesses that produce new defense weapon systems. Businesses that receive this grant must invest $25 million in a net new taxable investment and create 100 jobs in the first five years. The grant is paid every four years after the assessment of the initial net new taxable investment.
The Partial Sales Tax Exemption (PSE) provides a 4.19 percent state sales tax exemption on capital goods and manufacturing equipment. The R&D expenses super deduction policy is also available. The policy is a preferential tax policy that provides an income tax deduction for businesses that are engaged in R&D. The policy allows businesses to amortize the cost of intangible assets at 200 percent of the actual cost.
The Technology Zone Energy and Defense Infrastructure Grant is available for new businesses located in Hampton Roads, Virginia. Businesses that qualify must invest in manufacturing products that are currently not produced in Newport News. The incentive is similar to the HNTE treatment. Unlike the HNTE treatment, however, this incentive is more suited to enterprises that do not have local IP rights. Alliances with foreign companies
Using strategic alliances to achieve greater science and technology (S&T) collaboration is a good idea, but it's not without its shortcomings. For example, many companies find it difficult to implement an array of technologies in-house, and the best solution might be to pool resources with another company or country. However, this strategy can lead to some unexpected consequences.
Specifically, using an alliance to develop a “big-bang” S&T collaboration could be the best way to capitalize on a country's best and brightest, as well as a boon for both companies. However, a single-faceted, uncoordinated initiative could be a recipe for disaster.
A better approach would be to build a multi-national public-private interdisciplinary organization to draw from the best and brightest in a number of fields. Such an organization could help policy makers identify the most important S&T opportunities in an environment of fiscal constraints and competing domestic economic interests. It could also provide a centralized platform for allied S&T collaboration.
While a multi-national S&T collaboration would be a good idea, it's unlikely to happen in this climate. In fact, in the current state of affairs, companies are more likely to find themselves competing for limited resources than competing for maximum opportunity. Therefore, the most important factor is to determine whether a technological confluence is a viable strategy for your business.
Another way to find out is by asking your company's own executives. Those in charge of sales, marketing, R&D, and other business units should be able to tell you which are the most promising technology opportunities. If your company is lucky enough to have a partner who knows its stuff, the only thing left to do is to figure out how to get in on the action. Exemption of BPOL fees
BPOL, or business professional and occupational license tax, is a local tax on businesses with gross receipts of more than $100,000 per year. The BPOL tax rate is set by the County. It is based on the prior year's actual gross receipts.
Businesses with gross receipts of more than $10,000 per year are exempt from the BPOL tax. The fee for obtaining a BPOL license is $30 per year. The BPOL license must be renewed each year. Businesses that fail to obtain a license may have to pay a fine of up to $500. The Department of Tax Administration will send businesses a renewal application in January of each year.
Localities may provide exemptions. In addition, some localities offer rebates and reimbursements. There are also special rules that apply to contractors and sellers of hardware or software to the government.
BPOL tax rate varies depending on the type of business. It is generally based on actual gross receipts. However, a locality may establish a cap on the tax rate. The cap can be for a specific category of business, or it can be a cap on the overall tax rate.
A technology zone is a special zoning district that helps technology companies achieve economic development objectives. The Technology Zone program provides tax incentives, regulatory flexibility, and permit process reform.
A Qualified Technology Business is a business that derives its income from technology-based processes and products. To qualify for the technology zone, a business must be certified by the City and enter into a performance agreement. In return, the business is exempt from the BPOL tax for three years.
The City of Ottawa believes that establishing a technology zone will improve economic conditions. The city council has recommended approval of an ordinance establishing a technology zone. While the council cannot determine the fiscal impact of the zone at this time, they have expressed willingness to work with administration to accommodate developers. Moldmaking Zone
Whether you're a moldmaker or someone who just wants to learn more about the industry, the Moldmaking technology zone is a great place to start. It's an online database with over a thousand suppliers and manufacturers, as well as tips and advice on all things related to moldmaking technology.
The site also has an “insider” newsletter called MoldMaking Technology Insider. Each month, editors publish a roundup of new technology, hot runners, and mold materials. These articles are edited and written by industry experts, and provide great insights into mold manufacturing.
The site's product database includes more than 12,000 moldmaking components. This includes 3D PDF datasheets and part number lookups.
There are a number of new technologies that are helping mold makers save time and money. For instance, 3D scanning technology allows companies to scan molds and then digitally archive the data. This allows mold makers to evaluate the data and make mold corrections.
The site also offers information about sourcing grids, tips of the month, and a list of top supplier profiles. They have also compiled a moldmaking technology guide. The guide contains 10 sections covering key supplier profiles, a technology section, and tips and features internetlinkage.com. The guide also includes a product review.
The company's editorial advisory board is a group of experts in their respective fields. The EAB acts as a sounding board and provides editorial thought and direction.
The company's annual guide is a comprehensive resource that contains information on moldmaking technology. The guide includes 10 sections covering the most important information, including a moldmaking technology guide, a product review, tips and features, and a sourcing grid. The guide also features a few of the most useful inventions and technological breakthroughs.