Tax & Accounting Blog

Virginia Announces New Enterprise Zones

Blog, ONESOURCE, ONESOURCE Property Tax November 11, 2013

Virginia Governor Bob McDonnell declares four new designations of Virginia Enterprise Zones, a program run by the Virginia Department of Housing and Community Development. The VEZ’s initiative is to bolster job growth and encourage private investment by creating opportunities for businesses and investors. These four new zones will receive state and local enterprise zone incentives as much as up to $200,000 over a five-year period for real property investment grants. Additional incentives include receiving up to $800 per position per year for five years in job creation grants. The new zones are Portsmouth City, Winchester City, Scott County, and a joint zone between Radford City and Pulaski County.