Agenda 01/11/2000 - Laserfiche WebLink

Home Browse Search

Internal Revenue code, and which are not subject to State income tax as partnerships or corporations, but the taxable income of which is passed through to and taxed as income of individual partners and shareholders. (2) The term "business firm" does not include organizations which are exempt from State and/or federal income tax on all income except unre- lated business taxable income as defined in the Federal Internal Revenue Code, Section 512; nor does it include homeowners associations as defined in the Federal Internal Revenue Code, Section 528. Existing Bus/hess means a business firm that was actively engaged in the conduct of trade or business in an area prior to such an area being designated as an Enterprise Zone or that was engaged in the conduct of trade or business in the Commonwealth and relocates to begin operation of a trade or business within the Enterprise Zone and whose Standard Industrial Classification is listed in this section; or all commercial, professional, and service establish- ments increasing employment by five percent (5%) or greater of the base employment as established by the Commonwealth of Virginia Enterprise Zone regulations. New Business means a business not previously conducted in the Commonwealth that begins operation in an Enterprise Zone after the Zone was designated. A new business is also one created by the establishment of a new facility and new permanent full-time employment by an existing business firm in an Enterprise Zone and does not result in a net loss of permanent full-time employment outside the Zone and whose Standard Industrial Classification is listed in this section; or all commercial, professional, and service establish- ments increasing employment by five percent (5%) or greater of the base employment as established by the Commonwealth of Virginia Enterprise Zone regulations. Sec. 7.5-5. Qualification for Benefits. (a) All business firms which locate, expand, or modernize within the boundaries of the Enterprise Zone as herein defined shall be eligible for build- ing permit waivers, water and sewer multiple-service regulations waivers, and the landfill tipping fee refund incentives. (b) The City shall make grants to the Industrial Development Authority of the City of MartinsvilIe, Virginia, as determined under subsections (lh ~d (2) and |3} below. The following three categories will determine qualified investments: Modernization. Investment in real property~ e~ machinery and tools, and/or business etluipxnent for the purpose of incorporating up-to-date technology, methods or ideas in a particular qualified business operation; and/or to preserve the manufacturing capability of the business firm.