| State: |
VA |
| Incentive Type: |
Special Purpose Zone Incentives and Credits |
| Incentive Title: |
Enterprise Zone Credits |
| Description: |
1) ENTERPRISE ZONE JOB CREATION GRANTS- Qualified businesses in an enterprise zone are eligible for grants for the creation of new jobs. This grant, dependent upon the hourly wage, is $500 or $800 per new job created over a minimum four-job baseline. The grant is awarded each year and will depend upon the jobs maintained and wages paid. There is a maximum of 350 jobs annually above the four-job threshold. Companies receiving enterprise zone grants can not take the major business job tax credit.
2) ENTERPRISE ZONE REAL PROPERTY INVESTMENT GRANT- Companies investing $2 million or less are eligible for a grant up to 30% with a maximum of $125,000. Companies investing over $2 million are eligible for a grant not to exceed $250,000. Investment in rehabilitation/expansion projects are also eligible for this grant. Companies receiving enterprise zone grants can not take the major business job tax credit. |
| Eligibility Requirements: |
1) Must be a qualified business. Must be located in an enterprise zone and must meet wage thresholds. 2) Must make minimum capital investment. Must be a qualified business located in an enterprise zone.
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| Geographic Restrictions: |
Enterprise Zones Statewide |
| Granting Authority: |
State of Virginia |
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