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2011 SESSION
11103492DPatrons-- BaCote, Barlow, Byron, Dance, Herring, Hope, James, Marshall, D.W., McClellan, McQuinn, Tyler and Ward
Be it enacted by the General Assembly of Virginia:
1. That § 59.1-549 of the Code of Virginia is amended and reenacted as follows:
§ 59.1-549. Policies and procedures for allocation of enterprise zone incentive grants.
A. Qualified business firms and qualified zone investors shall be eligible to receive enterprise zone incentive grants provided for in this chapter to the extent that they apply for and are approved for grant allocations through the Department.
B. If the sum of (i) the total amount of grants for which qualified business firms are eligible under § 59.1-547 plus (ii) the total amount of grants for which qualified zone investors are eligible under § 59.1-548 exceeds the total annual appropriation for the payment of all grants under this chapter for the relevant year, then the amount of the grant that each qualified business firm and qualified zone investor is eligible for shall be prorated in a proportional manner. The Department shall prioritize allocations to fully fund the grants under § 59.1-547 with any remaining funds to be allocated to grants under § 59.1-548. In such cases, the amount of the grant that each qualified zone investor is eligible for under § 59.1-548 shall be prorated in a proportional manner based on the funds remaining in the annual appropriation after full payment of the grants under § 59.1-547.
C. Qualified zone businesses and qualified zone investors shall make application to the Department each year for which they seek eligibility for enterprise zone incentive grants. Such application is to be in accordance with regulations promulgated by the Board on forms supplied by the Department and in accordance with dates specified by the Department.
D. The
accuracy and validity of information on qualified real property investments,
permanent full-time positions, wage rates and provision of health benefits
provided in such applications are to be attested to by an independent certified
public accountant licensed in Virginia through an agreed-upon procedures
engagement conducted in accordance with attestation standards established by
the American Institute of Certified Public Accountants, using procedures
provided by the Department.
ED. Applicants for enterprise
zone incentive grants under this chapter must have the local zone administrator
verify that the location of their business or property is in the enterprise
zone using a form supplied by the Department. The local zone administrator
shall make this verification in accordance with dates specified by the
Department.
FE. The Department may at any
time review qualified zone businesses and qualified zone investors to assure
that information provided in the application process is accurate.
GF. Qualified zone businesses
shall maintain all documentation regarding qualification for enterprise zone
job creation grants for at least one year after the final year of their
five-year grant period. Qualified zone investors shall maintain all
documentation regarding qualification for enterprise zone incentive grants for
a minimum of three years following the receipt of any grant.
HG. Enterprise zone incentive
grants that do not have adequate documentation regarding qualified real
property investments, permanent full-time positions, wage rates and provision
of health benefits may be subject to repayment by the qualified zone business
or qualified zone investor.
IH. Actions of the Department
relating to the approval or denial of applications for enterprise zone
incentive grants under this chapter shall be exempt from the provisions of the
Administrative Process Act pursuant to subdivision B 4 of § 2.2-4002.