HB 2423 Enterprise Zone Act.
Terry G. Kilgore | all patrons    ...    notes
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Summary:
Enterprise Zone Act. Increases the number of authorized zones from 25 to 50. Adds Lynchburg and Petersburg (by population brackets) to those localities which can have more than one enterprise zone. A business firm may qualify for enterprise zone incentives if it can demonstrate that (i) it establishes within an enterprise zone a trade or business not previously conducted in the Commonwealth by the taxpayer and 40 percent or more of its employees either have incomes below 80 percent of the median income for the jurisdiction or are residents of the zone; or (ii) it is actively engaged in a trade or business in an area immediately prior to such area being designated an enterprise zone, or relocates to an enterprise zone from another locality within the Commonwealth, and it increases the average number of full-time employees by at least 10 percent over the lower of the preceding two years' employment levels and at least 40 percent or more of its employees either have incomes below 80 percent of the median income for the jurisdiction or are residents of the zone.

Effective for taxable years 1996 through 2005, two additional tax credits are available for qualified business firms:

1. A 15 percent tax credit (up to $100,000) of qualified zone interest income for lenders lending within an enterprise zone; and

2. A 30 percent tax credit (up to $125,000) for certain improvements to real property made in enterprise zones.

Also qualifies enterprise zones with a population of 50,000 or greater for funding allocations from the Clean Sites Fund for site clearance activities within the zone.

Full text:
01/23/95  House: Presented & ordered printed LD1655322  pdf
02/05/95  House: Printed as engrossed LD1655322-E  pdf

Amendments:
House amendments

Status:
01/23/95  House: Presented & ordered printed LD1655322
01/23/95  House: Referred to Committee on Finance
01/26/95  House: Assigned to Finance sub-committee: 1
02/03/95  House: Reported from Finance with amds. (22-Y 0-N)
02/04/95  House: Read first time
02/05/95  House: Read second time
02/05/95  House: Committee amendments agreed to
02/05/95  House: Engrossed by House as amended
02/05/95  House: Printed as engrossed LD1655322-E
02/06/95  House: Read third time and passed House (Block Vote) (100-Y 0-N)
02/06/95  House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
02/06/95  House: Communicated to Senate
02/07/95  Senate: Read first time
02/07/95  Senate: Referred to Committee on Commerce and Labor
02/13/95  Senate: Reported from Commerce and Labor (14-Y 0-N)
02/13/95  Senate: Rereferred to Finance
02/21/95  Senate: Left in Finance