Virginia § 59.1-542.1 Local incentives; motor sports facilities

Virginia Statutes

§ 59.1-542.1 — Local incentives; motor sports facilities

Virginia § 59.1-542.1

Title 59.1Trade and Commerce

Ch. 49Enterprise Zone Grant Program

This text of Virginia § 59.1-542.1 (Local incentives; motor sports facilities) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 59.1-542.1 (2026).

Text

A. A locality that is home to a motor sports facility, as defined in § 58.1-4030, in the Commonwealth may propose local incentives that address the economic conditions within such locality and will help stimulate real property improvements and new job creation. Such local incentives may include:

(i)reduction of permit fees;

(ii)reduction of user fees;

(iii)reduction of business, professional, and occupational license taxes; or (iv) partial exemption from taxation of substantially rehabilitated real estate pursuant to § 58.1-3221. The extent and duration of such incentives shall conform to the requirements of the Constitutions of Virginia and the United States. Local incentives may also include regulatory flexibility, including (a) special zoning districts, (b) permit process reform, (c)

Free access — add to your briefcase to read the full text and ask questions with AI

A. A locality that is home to a motor sports facility, as defined in § 58.1-4030, in the Commonwealth may propose local incentives that address the economic conditions within such locality and will help stimulate real property improvements and new job creation. Such local incentives may include: (i) reduction of permit fees; (ii) reduction of user fees; (iii) reduction of business, professional, and occupational license taxes; or (iv) partial exemption from taxation of substantially rehabilitated real estate pursuant to § 58.1-3221. The extent and duration of such incentives shall conform to the requirements of the Constitutions of Virginia and the United States. Local incentives may also include regulatory flexibility, including (a) special zoning districts, (b) permit process reform, (c) exemptions from local ordinances, or (d) other public incentives that are binding on the locality.

B. A locality may establish eligibility criteria for local incentives that differ from the criteria required to qualify for the incentives provided by this chapter.