Enterprise zone economic incentive grants; increases amount of investment made to be eligible. (HB2332)
Introduced By
Del. Bud Phillips (D-Castlewood)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Enterprise zone economic incentive grants. Increases from $50,000 to $100,000 the minimum amount of investment required to be made in the rehabilitation or expansion of a building in order to be eligible for an enterprise zone incentive grant, and increases from $250,000 to $500,000 the minimum amount of investment required to be made for new construction in order to be eligible for an enterprise zone incentive grant. The bill would provide that any investor making $5 million or less in qualified real property investment in a building would be allowed a maximum of $100,000 in enterprise zone incentive grants within any five-year period for such building (the current maximum is $125,000). The bill would provide that any investor making more than $5 million in qualified real property investment in a building would be allowed a maximum of $200,000 in enterprise zone incentive grants within any five-year period for such building (the current maximum is $250,000). The bill also makes technical changes. Amends § 59.1-280 (“Enterprise zone business tax credit.”), § 59.1-548 (“Enterprise zone real property investment grants.”), § 59.1-549 (“Policies and procedures for allocation of enterprise zone incentive grants.”), of the Code of Virginia. View Full Text »
Outcome
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