                                 CODE OF VIRGINIA

LOCAL INCENTIVES (§ 59.1-543)

A. Local governments submitting applications for enterprise zone designation
shall propose local incentives that address the economic conditions within their
locality and that will help stimulate real property improvements and new job
creation. Such local incentives include, but are not limited to: (i) reduction
of permit fees; (ii) reduction of user fees; (iii) reduction of business,
professional and occupational license tax; (iv) partial exemption from taxation
of substantially rehabilitated real estate pursuant to &#xA7; 58.1-3221; and (v)
adoption of a local enterprise zone development taxation program pursuant to
Article 4.2 (&#xA7; 58.1-3245.6 et seq.) of Chapter 32 of Title 58.1. The extent
and duration of such incentives shall conform to the requirements of the
Constitution of Virginia and the Constitution of the United States. In making
application for designation as an enterprise zone, the application may also
contain proposals for regulatory flexibility, including but not limited to: (a)
special zoning districts, (b) permit process reform, (c) exemptions from local
ordinances, and (d) other public incentives proposed in the locality&#8217;s
application which shall be binding upon the locality upon designation of the
enterprise zone.

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

HISTORY: 2005, cc. 863, 884.