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 2006 tax year are due to DHCD by no later than May 1,
2007.
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 2006 tax year are due to DHCD by no later than May 1,
2007.
Residency-Based Job Grants:
Businesses qualifying for Residency-Based Job Grants pursuant to
§59.1-280 of the Code of Virginia on or by July 1, 2005,
can finish out their three consecutive year grant period provided they continue
to meet the incentive qualification.
Applications for the 2006 tax year are due to the respective
Local Zone Administrator by no later than March 31, 2007.
