The Virginia Enterprise Zone Program assists business development and expansion in specially targeted areas by providing state and local tax credits and job grants.
- The City of Suffolk joined the Virginia Enterprise Zone program in partnership with the Commonwealth of Virginia in 1990.
- The Suffolk Enterprise Zones encompass a blend of land uses totaling six square miles in and around the downtown business area, south to the Suffolk Executive Airport and in and around Northgate Commerce Park, east to the city line.
- Administered by the Virginia Dept. of Housing and Community Development.
- General Income Tax Credit:
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Trindco at Suffolk Industrial Park |
- Real Property Investment Grants: Refund of up to 20% of building improvements ($125,000 maximum for improvements less than $5 million; $250,000 maximum for improvements over $5 million)
- Job Creation Grants: $800 per year for five years for each eligible position paid a minimum of 200% of the federal minimum wage; $500 per year for five years for each eligible position paid a minimum of 175% of the federal minimum wage.
- Machinery and Tool Tax Credit: 5-year reduction.
- Utility Tax Credit: 5-year reduction.
- Business, Professional and Occupational License:
- Tax Credit: 5-year reduction.
- Building Permit Fees Credit: 50% reduction.
- Application Fee Waiver for rehabilitated structures.
Enterprise Zone Map |
