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TUESDAY, NOVEMBER 12, 1996 <br /> <br />Central AdministratiVe Office <br />Research, .Development, and Testing Laboratories <br /> <br /> Agriculture, Forestry, and"Fishing <br />Animal Aquaculture (0273) <br /> <br /> Commercial SDorts <br />Racing (7948) <br /> <br />The term "business firm" includes partnerships and small business <br />corporations electing to be taxed under Subchapter S of the <br />Federal Internal Revenue code, and which are not subject to State <br />income tax as partnerships or corporations, but the taxable income <br />of which is passed through to and taxed as income of individual <br />partners and shareholders. <br /> <br />The term "business firm" does not include organizations which are <br />exempt from State and/or federal income tax on all income except <br />unrelated business taxable income as defined in the Federal <br />Internal Revenue Code, Section 512; nor does it include homeowners <br />associations as defined in the Federal Internal Revenue Code, <br />Section 528. <br /> <br />Existing Business - A business firm that was actively engaged in the <br />conduct of trade or business in an area prior to such an area being <br />designated as an Enterprise Zone or that was engaged in the conduct of <br />trade or business in the Commonwealth and relocates to begin operation <br />of a trade or business within the Enterprise Zone and whose Standard <br />Industrial Classification is listed in this section; or all commercial, <br />professional, and service establishments increasing employment by five <br />percent (5%) or greater of the base employment as established by the <br />Commonwealth of Virginia Enterprise Zone regulations. <br /> <br />New Business - A business not previously conducted in the Commonwealth <br />that begins operation in an Enterprise Zone after the Zone was <br />designated. A new business is also one created by the establishment of <br />a new facility and new permanent full-time employment by an existing <br />business firm in an Enterprise Zone and does not result in a net loss <br />of permanent full-time employment outside the Zone and whose Standard <br />Industrial Classification is listed in this section; or all commercial, <br />professional, and service establishments increasing employment by five <br />percent (5%) or greater of the base employment as established by the <br />Commonwealth of Virginia Enterprise Zone regulations. <br /> <br />Oualification for Benefits <br /> <br />All business firms which locate, expand, or modernize within the <br />boundaries of the Enterprise Zone as herein defined shall be <br />eligible for building permit waivers, water and sewer multiple- <br />service regulations waivers, and the landfill tipping fee refund <br />incentives. <br /> <br />2. The City shall make grants to the Industrial Development Authority <br /> <br /> <br />