Section 60. Qualification in zones whose designation period is ending

A. Small qualified business firms located in a zone whose designation period is ending that have qualified under 13VAC5-112-20 by or before the zone expiration date may receive the remainder of their incentive period provided they continue to qualify under 13VAC5-112-20. Tax credits are not authorized beyond the end of fiscal year 2019 as specified in § 59.1-280 I of the Code of Virginia.

B. Large qualified business firms located in a zone whose designation period is ending that have qualified under 13VAC5-112-20 by or before the zone expiration date may receive the remainder of their incentive period provided they continue to qualify under 13VAC5-112-20. The incentive period shall be for 10 consecutive years or until the negotiated credit amount is reached, whichever is sooner. Tax credits are not authorized beyond the end of fiscal year 2019 as specified in § 59.1-280 I of the Code of Virginia.

Historical Notes

Derived from Volume 23, Issue 12, eff. March 21, 2007.

Statutory Authority

§ 59.1-541 of the Code of Virginia.