Carroll County Virginia Enterprise Zone
Established by the General Assembly in 1982, the Virginia Enterprise Zone program is a partnership between state and local government that stimulates job creation and private investment within designated areas throughout the state. Currently, Virginia has more than 50 designated enterprise zones. See VEZ map
Job Creation Grant Revisions
The Virginia Enterprise Zone (VEZ) job creation grant program was amended to change the eligibility for job grants in areas with unemployment rates that are equal to or more than one and one-half times the state average. Currently positions paying less than 175 percent of the federal minimum wage are not eligible for the job grants. The amendment to the statute will allow otherwise eligible businesses in high unemployment areas paying 150 percent of the federal minimum or $10.88 to receive grants.
Funding Allocation Revisions
The Virginia Enterprise Zone (VEZ) grant program was amended to allow Job Creation Grants (JCG) to receive funding priority. The amendment charges DHCD with fully funding the JCGs and thus they will not be subject to pro-ration. The remaining funds will be allocated to the Real Property Investment Grants (RPIGS) and the amount paid to each RPIG applicant will be pro-rated proportionally should the grant requests exceed the remaining amount of funding.
For more information contact Reese Peck at: (804) 371-7066 or
State Incentives
Two grant-based incentives are available, Job Creation Grants and Real Property Investment Grants. For more information on the grants’ eligibility criteria, see the Virginia Enterprise Zone grant information table
Job Creation Grants are based on:
-- Permanent full time job creation over a four job threshold, exceeding threshold wage rates* , and the availability of health benefits;
-- Personal service, retail, food and beverage positions are not eligible to receive job creation grants; and
-- The amount of the grant will be based on the wages paid for those grant eligible positions.
Real Property Investment Grants are based on: --Qualified real property investments made by any individual or entity to a commercial, industrial, or mixed use building or facility in a designated Virginia Enterprise Zone;
-- An investment of greater than $100,000 for rehabilitation projects (grants are issued for up to 20 percent of anything spent in excess of the $100,000 threshold)
-- An investment of greater than $500,000 for new construction projects (grants are issued for up to 20 percent of anything spent in excess of the $500,000 threshold)
-- The grant is capped at $100,000 per building or facility for investments less than $5 million, and $200,000 for investments of $5 million or more.
If a business firm previously qualified or has signed an agreement with the Virginia Department of Housing and Community Development (DHCD) and is eligible to receive the General Income Tax Credit, application materials are available for these pre-2005 incentives.
| Wage Rate Threshold* |
Grant Per PFTE |
Eligible Businesses |
| $10.88 | $500 | HUA Businesses |
| $12.69 | $500 | All Business |
| $14.50 | $800 | All Business |
Local Incentives:
In addition to these state incentives, each locality offers its own package of incentives tailored to their unique needs. To find out whether a business or real property is located within an enterprise zone, or to learn more about a specific zone’s local incentive package, see the contact list of Local Zone Administrators.
Carroll County Local Incentives
Qualified* Businesses in the Enterprise Zone
The Carroll County Enterprise Zone Designated Area offers these incentives:
Water and Sewer Rate Credits
Five-year decreasing credit on water and sewer rates
Building Permit & Zoning Fee Waivers
Carroll County will waive the required building permit and zone fees for new or expanding commercial or industrial developments locating in the Enterprise Zone.
Eligibility: Any new or expanding business or industry located within an Enterprise Zone.
Job Grant
The County of Carroll would issue a grant to any new or expanding business or industry within the enterprise zone in the amount of $250 for any new full-time job created.
Eligibility: Employee must work a minimum of 35 hours per week for 6 months prior to qualifying. Does not apply to a position or job, which previously existed in Carroll with a related party, trade, or business under common control, nor are they available for leased or contract employees.
Machinery and Tools Tax Incentive
A five-year descending rebate based on the machinery and tools tax as assessed by the County of Carroll. Rebate applies to machinery and tools that are newly purchased, newly leased or newly transferred to facility within a designated enterprise zone.
Years:
1 - 100%
2 - 75%
3 - 50%
4 - 50%
5 - 25%
Eligibility: New or expanding business or industry with the creation of 15 new full-time jobs.
Real Estate/Property Tax Incentive
A five-year descending rebate on the real estate/property tax as assessed a by County of Carroll. Rebate applies to real estate/property tax utilized by facility within a designated enterprise zone.
Years:
1 - 100%
2 - 75%
3 - 50%
4 - 50%
5 - 25%
Eligibility: New or expanding business or industry with a minimum expenditure of 15% of current assessed value and the creation of 15 or more new full-time jobs.
*All local incentives are inclusive to enterprise zone incentives offered by the state of Virginia and must meet the Virginia qualifications stated for the enterprise zone.
*(Click on the Map Name to download the full size pdf)
Updated: 8/18/2010
