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Enterprise
Zone Incentives
Commonwealth of Virginia
All incentives are subject to credit & appropriation caps.
General
Tax Credit
New businesses in the Commonwealth must have an average of 25% full-time
employees that either meet LMI standards for the area or be Zone
residents.
A ten year general credit against state tax liability at 80% in
year one and 60% for the remaining 9 years.
*For projects that are > $15 million and create > 50 jobs,
credits are subject to negotiation not to exceed 80% in year 1 and
60% in years 2-10.
Large Project Investment Tax Credit
Investment* Potential Credit (Negotiated)
> $100 million & > 200 Jobs Up to 5% of Total Investment
*Includes real property & machinery & equipment. This credit
is in lieu of the Refundable Real Property Improvements Tax Credit.
Credits may be carried forward until fully used.
Refundable Real Property Improvements Tax Credit
A State
Tax Credit of 30% applied to: Rehabilitation Projects > $50,000 or
> assessed value of the building New Construction >
$250,000
Maximum cumulative credit is $125,000 in any 5-year period.
Credit is applied first to tax liability; the remaining balance,
if any, is then refunded.
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