Bill Text: VA HB115 | 2014 | Regular Session | Prefiled
Bill Title: Enterprise Zone Grant Program; redesignation of certain joint enterprise zones.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2014-02-12 - Left in Appropriations [HB115 Detail]
Download: Virginia-2014-HB115-Prefiled.html
14101061D Be it enacted by the General Assembly of Virginia: 1. That §59.1-544 of the Code of Virginia is amended and reenacted as follows: §59.1-544. Amendment of enterprise zones; redesignation of certain joint enterprise zones. A. Once an enterprise zone has been designated, the local government may make written application to the Department to amend the zone boundaries in accordance with the requirements of §59.1-542. Such boundary amendments are subject to Department approval. Local governing bodies may amend their local enterprise zone incentives with the approval of the Department provided that the proposed incentive is equal to or superior to that in the original application or any previous amendment approved by the Department. B. The Department may redesignate an existing joint enterprise
zone C. When a county or city was previously added to an existing enterprise zone to create a joint enterprise zone, the Department shall redesignate the enterprise zone when the term of the joint enterprise zone expires. The duration of the enterprise zone redesignated pursuant to this subsection shall be equal to the length of time the original enterprise zone existed before the county or city was added to create the joint enterprise zone. D. As used in this section, "joint enterprise zone" means an enterprise zone located in two or more adjacent localities. E. Any redesignation of an existing joint enterprise zone shall be in compliance with all applicable regulations promulgated by the Department. |