Important information for businesses that have started usage of General Income Tax Credits, Investment Tax Credit, and Job Grants or have a signed agreement with the Virginia Department of Housing and Community Development (DHCD) for usage of the General Income Tax Credit or Investment Tax Credit below.

Businesses that have already started their qualification periods for the General Income Tax Credit and Job Grants under the pre-2005 Virginia Enterprise Zone incentive program can finish out their incentive period provided they continue to meet the existing incentive qualification requirements. This provision applies to businesses that have qualified for these incentives on or before July 1, 2005.  Tax credits are only authorized through Fiscal Year 2019.  Please refer to §59.1-280 of the Code of Virginia for more details.

General Income Tax Credit:
Businesses qualifying for the General Income Tax Credit on or before July 1, 2005 can finish out their 10-year incentive period, provided they continue to meet the incentive qualification requirements.  Tax credits are only authorized through Fiscal Year 2019.
Businesses with signed agreements for the usage of General Income Tax Credits can begin their incentive qualification any time after they meet the conditions of their agreement with DHCD and the qualification requirements for the incentive.  Such businesses must begin their incentive qualification prior to the expiration of their zone. These tax credits are only authorized through Fiscal Year 2019 and will not be available after that time. Please refer to §59.1-280 of the Code of Virginia for more details.

Applications for the 2008 tax year are due to DHCD by no later than May 1, 2009.

Investment Tax Credit:
Businesses qualifying for the Investment Tax Credit on or before July 1, 2005 may continue to qualify until they have used their negotiated amount through the end of Fiscal Year 2019.
Businesses with signed agreements for the usage of Investment Tax Credits can begin their incentive qualification any time after they meet the conditions of their agreement with DHCD and the qualification requirements for the incentive.  Such businesses must begin their incentive qualification prior to the expiration of their zone. These tax credits are only authorized through Fiscal Year 2019 and will not be available after that time. Please refer to §59.1-280 of the Code of Virginia for more details.

Applications for the 2008 tax year are due to DHCD by no later than May 1, 2009.