Enterprise Zone Economic Incentive Grants; increases amount of investment made to be eligible. (HB 2332)

Enterprise zone economic incentive grants. Increases from $50,000 to $100,000 the minimum amount of investment required to be made in the rehabilitation or expansion of a building in order to be eligible for an enterprise zone incentive grant, and increases from $250,000 to $500,000 the minimum amount of investment required to be made for new construction in order to be eligible for an enterprise zone incentive grant. Grants would be calculated at a rate of 20 percent of the amount of qualified real property investment in excess of $500,000 for the construction of a new building or facility. Grants would be calculated at a rate of 20 percent of the amount of qualified real property investment in excess of $100,000 in the case of a rehabilitation or expansion of an existing building or facility. The bill would provide that any investor making $5 million or less in qualified real property investment in a building would be allowed a maximum of $100,000 in enterprise zone incentive grants within any five-year period for such building (the current maximum is $125,000). The bill would provide that any investor making more than $5 million in qualified real property investment in a building would be allowed a maximum of $200,000 in enterprise zone incentive grants within any five-year period for such building (the current maximum is $250,000). The bill also makes technical changes.

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Read More at http://leg1.state.va.us/cgi-bin/legp504.exe?091+cab+HC10119HB2332+BREF