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1998 SESSION

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HB 984 Enterprise zones; redesignation.

Introduced by: A. Donald McEachin | all patrons    ...    notes | add to my profiles

SUMMARY:

Enterprise zones; joint zones. Allows local governing bodies, with approval from the local governing body of a neighboring jurisdiction having the county manager form of government (Henrico County) and in accordance with applicable law and regulations, to create a joint enterprise zone with a contiguous neighboring jurisdiction. The measure also increases the total amount of business tax credits and real property investment tax credits available to small qualified business firms and small qualified zone residents from $5 million to $16 million. The amount of such credits available to large qualified business firms and large qualified zone residents remains at $3 million. The measure also reduces the criteria for designation as a large qualified business firm from making investments of $25 million that result in 100 new permanent jobs to making investments of $15 million that result in 50 new permanent jobs. Qualified business firms not designated as large qualified business firms are designated as small qualified business firms. Small qualified business firms are allowed an income tax credit equal to 80 percent of tax liability in the first year and 60 percent in each of the following nine years. The amount of the income tax credit received by large qualified business firms is determined by negotiation between the Department of Housing and Community Development and the firm, not to exceed the amounts available to a small qualified business firm.


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