Virginia § 58.1-3245.7 Promotion of development of local enterprise zones

Virginia Statutes

§ 58.1-3245.7 — Promotion of development of local enterprise zones

Virginia § 58.1-3245.7

JurisdictionVirginia

Title 58.1TAXATION

Subtitle IIILOCAL TAXES

Ch. 32REAL PROPERTY TAX

Art. 4.2LOCAL ENTERPRISE ZONE DEVELOPMENT TAXATION PROGRAM

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Bluebook

Va. Code Ann. § 58.1-3245.7 (2026).

Text

It is hereby found and declared that the health, safety, and welfare of the citizens of the Commonwealth are dependent upon the continual encouragement, development, growth, and expansion of the private sector within the Commonwealth and that there are certain areas in the Commonwealth that need the attention of local governments to attract private sector investment. Local government efforts to encourage private investment in areas designated by the Governor as enterprise zones will complement the efforts of the Commonwealth to stimulate business and industrial growth in such areas. It is essential to the public interest that governing bodies of counties, cities, and towns have authority to use tax increments to encourage private investment in local enterprise zones.

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It is hereby found and declared that the health, safety, and welfare of the citizens of the Commonwealth are dependent upon the continual encouragement, development, growth, and expansion of the private sector within the Commonwealth and that there are certain areas in the Commonwealth that need the attention of local governments to attract private sector investment. Local government efforts to encourage private investment in areas designated by the Governor as enterprise zones will complement the efforts of the Commonwealth to stimulate business and industrial growth in such areas. It is essential to the public interest that governing bodies of counties, cities, and towns have authority to use tax increments to encourage private investment in local enterprise zones.