Enterprise Zone Incentives
Virginia Enterprise Zone Job Creation Grant - Qualified businesses in an Enterprise Zone are eligible for cash grants for permanent net new jobs created over a four-job threshold. Qualifying jobs must offer health benefits and meet certain wage thresholds.
Virginia Enterprise Zone Real Property Grant - Qualified investors (entities and individuals) making a qualified investment in industrial, commercial or mixed-use real property located within an Enterprise Zone are eligible for a cash grant.
Halifax County Enterprise Zone Incentives- Halifax County has numerous local monetary incentives available to businesses locating or expanding in the designated Virginia Enterprise Zone. Each incentive is dependent on full-time jobs with benefits and/or private taxable investment created. Specific incentives are listed as follows:
- Discount on listed sale price of publicly owned sites requiring a minimum taxable capital investment of $1 million and creation of 25 jobs over a 3 year period;
- Machinery and Tools Investment Grant requiring a minimum net new taxable investment of $50,000 in machinery and tools. This grant amount is based on a declining percentage of the taxes paid on the investment each year over a five year period;
- Furniture, Fixtures, and Equipment Grant available to non-manufacturers with a minimum net new taxable investment of $50,000 in furniture, fixtures, and equipment. This grant is also based on a declining percentage of the taxes paid on the investment each year over a five year period;
Recipient businesses of the Halifax Opportunity Fund are ineligible to recieve this incentive.
- Real Property Rehabilitation Tax Assessment Relief for demolition, removal, renovation, preservation, and/or redevelopment of blighted structures in the zone. Qualifying projects in Halifax County must increase the assessed value of the real property by at least $100,000. Qualifying projects in Town of South Boston or Town of Halifax must increase the assessed value of the real property by at least $65,000. Structures must be a minimum of 15 years old. Demolition and/or removal are not allowed in the Historic District of the Town of South Boston. This program reduces taxes payable on the rehabilitated property for five succeeding years.
- Business and Professional License Fee Rebate available to new businesses in the zone or expanding existing businesses increasing and maintaining full time employment by at least 10%. This rebate is equal to a declining percentage rate of the fee paid over a five year period after location or expansion;
- Utility Tax Rebate on Electricity and Natural Gas available to new businesses in the zone or expanding existing businesses increasing and maintaining full time employment by at least 10%. This rebate is equal to a declining percentage rate of the local consumer taxes paid for five years following qualification and taxes paid and documented;
- Building Permit Fees Partial Exemption from local building permit fees above the minimum fees charged for each individual permit. This incentive is automatic upon permit application for initial construction or expansion;
- Hospitality Stimulus Program offers a grant payable for a maximum of 5 years to businesses creating and maintaining a minimum of 10 full-time hospitality-related new jobs in the zone and creation of an increase in the aggregate collection of hospitality taxes over the previous year (Food/Beverage, Town Occupancy, or County Transient Occupancy taxes paid to the county or town). The grant payment is based on a percentage of the aggregate increase of hospitality taxes paid or of the individual business' collections, whichever is LESS. Grant funds may be utilized to offset the following expenses: 1) extension of publicly-owned infrastructure to the project site; 2) land acquisition; or 3) site improvements. This incentive is only available when the county unemployment rate is 125% above the Virginia average unemployment rate;
- Free Chamber of Commerce Membership available to new enterprises locating in the Enterprise Zone and for non-Chamber enterprises expanding their operations in the zone. Expansions would include addition of jobs and/or investment.