Areas meeting the requirements

Norfolk and Portsmouth Virginia Enterprise Zone
• Description: From Virginia Department of Housing and Community Development

703-246-6500

• Permits special local incentives and three different types of state tax incentives. These are:
1. 10-year state income-tax credits
2. Real property tax credit of up to 30 percent for qualified zone improvements not to exceed $125,000 over five years
3. Investment tax credit for firms investing $100 million and creating 200 jobs
• Requires designation by Virginia Department of Housing and Community Development
• The General Assembly has authorized the creation of up to 60 Enterprise Zones
• Five zones, designated after 1999, must have an unemployment rate at least fifty percent higher than the statewide unemployment rate for the previous year.
• Designated state enterprise zones must meet at least one of three criteria:
  1. 25 percent or more of the population must have incomes below 80 percent of the median income for the jurisdiction ($80,872 in 2000 Census)
  2. The zone must have an unemployment rate 1.5 times the state average
  3. The area must be experiencing an office-industrial vacancy rate of at least 20 percent

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