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- Subject Index: Since 1995
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1995 SESSION
LD1082322Patrons--Kilgore, Clement, Phillips and Stump; Senators: Trumbo and Wampler
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Title 59.1 a chapter numbered 38 consisting of sections numbered 59.1-460 through 59.1-463 as follows:
§ 59.1-460. Short title.
This chapter shall be known as the "Virginia Industrial Competitiveness Initiative."
§ 59.1-461. Definitions.
As used in this chapter:
"Industrial development firm" shall mean a firm which locates or expands within an eligible jurisdiction and which employs at least twenty full-time individuals at a rate of pay which is at least equivalent to the median of the equivalent SIC category for the jurisdiction, or employs at a level twenty percent above that eligible for social assistance, whichever is greater.
"Public Owned Land" shall mean land held or controlled by a local or state government, agency or designated component thereof or held for expansion or relocation within a public controlled industrial park.
§ 59.1-462. Applicability.
A. Any industrial development firm which either locates or expands within an eligible jurisdiction on publicly owned or controlled properties is eligible for a tax credit equivalent to $2,800 per employee prorated for a period of four years. The credit may offset up to seventy-five percent of a firm's annual Virginia income tax after other credits, if any.
B. Any industrial development firm which leaves Virginia within a ten-year period of the first year of receipt of the tax credit shall be liable to the Commonwealth for a refund of the entire tax credit.
C. Any firm which relocates the existing facility to another eligible jurisdiction within the Commonwealth shall not be liable for the tax credit.
D. Tax credits taken under this section are in addition to any other credits or initiatives available under other applicable Virginia law, including, but not limited to, those tax incentives available under the Virginia Enterprise Zone Act.
§ 59.1-463. Eligible jurisdictions.
Any county and city which satisfies eligibility criteria as designated by this section shall be considered an eligible jurisdiction in total. To be eligible, a jurisdiction shall comply with the following criteria:
1. Negative population growth as determined by the most current U.S. Census;
2. A poverty rate of fifteen (15%) or greater for the county or city as measured by the most current U.S. Census; and
3. A per capita income level below the Virginia median determined in accordance with the most current United States Census data or with the most current data from the Center for Public Service or the local planning district commission; or
4. Designation as an enterprise zone by the Virginia Department of Housing and Community Development in accordance with § 59.1-274 .