                                 CODE OF VIRGINIA

LOCAL INCENTIVES; MOTOR SPORTS FACILITIES (§ 59.1-542.1)

A. A locality that is home to a motor sports facility, as defined in &#xA7;
58.1-4030, in the Commonwealth may propose local incentives that address the
economic conditions within such locality and will help stimulate real property
improvements and new job creation. Such local incentives may include: (i)
reduction of permit fees; (ii) reduction of user fees; (iii) reduction of
business, professional, and occupational license taxes; or (iv) partial
exemption from taxation of substantially rehabilitated real estate pursuant to
&#xA7; 58.1-3221. The extent and duration of such incentives shall conform to
the requirements of the Constitutions of Virginia and the United States. Local
incentives may also include regulatory flexibility, including (a) special zoning
districts, (b) permit process reform, (c) exemptions from local ordinances, or
(d) other public incentives that are binding on the locality.

B. A locality may establish eligibility criteria for local incentives that
differ from the criteria required to qualify for the incentives provided by this
chapter.

HISTORY: 2024, c. 572.