RD242 - The Virginia Enterprise Zone Program 2008 Qualification Year Annual Report


Executive Summary:
The 2008 qualification year marked the fourth year under the Enterprise Zone Grant Act. Enacted in 2005, this statute replaced the former tax credit and job grant incentive program with two new grant incentives: job creation grants and real property investment grants. In addition to the grant incentives supporting the new program's overall policy, the grants also reflect shifts in business practices and development trends that have occurred over the past decade.

This report includes information on the usage of the grants and pre-2005 incentives, which are available to a limited number of firms meeting certain conditions. It also provides highlights of economic development activities in each of the designated Enterprise Zones. A total of 431 applicants qualified for State enterprise zone incentives: 374 applicants received the grant incentives and 57 applicants received the pre-2005 tax credit incentives. These firms made more than $400 million in private investments and created more than 1,900 jobs as a result of locating or expanding within an enterprise zone.