                                 CODE OF VIRGINIA

REVIEW AND TERMINATION OF ENTERPRISE ZONES (§ 59.1-546)

A. If the local governing body is unable or unwilling to provide the specified
local incentives as proposed in its application for zone designation or as
approved by the Department in an amendment, the zone designation shall
terminate. Qualified business firms located in such enterprise zone shall be
eligible to receive the incentives provided by this chapter even though the zone
designation has terminated. No business firm may become a qualified business
firm after the date of zone termination.

B. If no business firms have qualified for incentives as provided for in this
chapter within a five-year period, the Department shall terminate that
enterprise zone designation.

C. The Department shall review the effectiveness in creating jobs and capital
investment and activity occurring within designated enterprise zones and shall
annually report its findings to the Senate Committee on Finance and
Appropriations, the Senate Committee on Commerce and Labor, the House Committee
on Appropriations, and the House Committee on Labor and Commerce.

HISTORY: 2005, cc. 863, 884.