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1998 SESSION

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SB 569 Enterprise Zone Act tax credits.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY:

Enterprise Zone Act tax credits. 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 an investment of $25 million resulting in the creation of at least 100 permanent full-time positions to making an investment of $15 million resulting in the creation of at least 50 permanent full-time positions. 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. This measure was incorporated into HB 984.


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