Business Assistance

Enterprise Zone Program

 

The Virginia Enterprise Zone Program encourages new business activity by providing state and local tax relief and grants, local regulatory flexibility, and local infrastructure development.

 

Prince George County has an Enterprise Zone (EZ) composed of two non-contiguous areas totaling 3,452 acres. The largest area (3,145 acres) extends from SouthPoint Business Park to the US 460 and I-295 intersection and east to Disputanta. The second area (307 acres) begins at the Petersburg County line and extends southward, along US 301 and I-95, for a mile.

 

The EZ, in compliance with the Comprehensive Plan, was created to encourage industrial and commercial development along the US 460 corridor and in the SouthPoint Business Park. It was also created to encourage commercial development enhancing the County’s tourism efforts along US 301 and I-95.

 

Enterprise Zone Map
(click to enlarge):

 

State Incentives:

Job Creation Grant:
Businesses electing to receive this grant are not eligible to receive the Major Business Facility Job Tax Credit.
Businesses qualify annually - maximum of 350 jobs above a 4-job threshold. May qualify for additional 5-year grants periods with additional job creation.

Qualified businesses are eligible for cash grants for permanent net new jobs created over a 4-job threshold and providing health benefits. Positions that pay at least $12.69/hr. are eligible to receive a $500/position/yr. for up to 5 yrs. Positions that pay $14.50/hr. are eligible for a grant of $800/position/yr. for up to 5 yrs.

 

Real Property Investment Grant:
Cash grants for businesses investing in real property are equal to 20% of the qualified investment over the appropriate minimum investment threshold for the calendar year in which the property was placed in service.

 

Minimum required investment of $100,000 for rehabilitation or building expansion.

Minimum required investment of $500,000 for new construction.

For qualified real property investments of less than $5,000,000, the maximum grant available over a 5 consecutive year term is $100,000. For investments of $5,000,000 or more, the maximum grant is $200,000.

 

Local Incentives:

Machinery & Tools Tax Credit (5 years):
New industry qualifies with $250,000 total investment in building & equipment.
Existing industry qualifies with $50,000 total investments in building & equipment.

A 100% grant based upon paid Machinery & Tools taxes over a 5-year period. The Machinery & Tools taxes paid upfront are based upon the current County tax schedule:

$1.50/$100 value x 60% in Year 1
$1.50/$100 value x 50% in Year 2
$1.50/$100 value x 40% in Year 3
$1.50/$100 value x 30% in Year 4

 

Business License (BPOL) Fee Credit (5 years):

A 100% grant based upon paid BPOL tax over a five-year period. The BPOL taxes paid upfront are based upon the current County rate schedule (2009):

 

Retail	$0.15/$100 gross receipts
Mail order	$0.15/$100 gross receipts
Wholesale/Distribution	None
Financial Services	$0.20/$100 gross receipts
Business Services	$0.20/$100 gross receipts

 

Utility Connection Fee Discount (50%): One time incentive for new commercial or industrial entity with $250,000 total investment of building & equipment. Equal to one half of the connection fees above $10,000, but less than $200,000. Must meet with County Engineer to discuss.

 

Rezoning Fees Waived: One time incentive for new business with $250,000 investment or existing business with $50,000 expansion investment. This waiver can only be used once per proposed development.