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Janua~ 11,2000 <br /> <br /> Transportation and Public Utilities - 42 <br /> Trucking and Warehousing <br /> Auxiliary- 1, 2, 3 <br /> Central Administrative Office <br /> Research, Development, and Testing Laboratories <br /> A.qriculture, Forestry, and Fishin.cl <br /> Animal Aquaculture (0273) <br /> Commercial Sports <br /> Racing (7948) <br />(1) The term "business firm" includes partnerships and small <br />business corporations electing to be taxed under Subchapter S of <br />the Federal Internal Revenue code, and which are not subject to <br />State income tax as partnerships or corporations, but the taxable <br />income of which is passed through to and taxed as income of <br />individual partners and shareholders. <br />(2) The term "business firm" does not include organizations <br />which are exempt from State and/or federal income tax on all <br />income except unrelated business taxable income as defined in the <br />Federal Internal Revenue Code, Section 512; nor does it include <br />homeowners associations as defined in the Federal Internal <br />Revenue Code, Section 528. <br /> Existing Business means a business firm that was actively <br />engaged in the conduct of trade or business in an area prior to such <br />an area being designated as an Enterprise Zone or that was <br />engaged in the conduct of trade or business in the Commonwealth <br />and relocates to begin operation of a trade or business within the <br />Enterprise Zone and whose Standard Industrial Classification is <br />listed in this section; or all commercial, professional, and service <br />establishments increasing employment by five percent (5%) or <br />greater of the base employment as established by the <br />Commonwealth of Virginia Enterprise Zone regulations. <br /> New Business means a business not previously conducted <br />in the Commonwealth that begins operation in an Enterprise Zone <br />after the Zone was designated. A new business is also one created <br />by the establishment of a new facility and new permanent full-time <br />employment by an existing business firm in an Enterprise Zone and <br />does not result in a net loss of permanent full-time employment <br />outside the Zone and whose Standard Industrial Classification is <br />listed in this section; or all commercial, professional, and service <br />establishments increasing en'H~yment by five percent (5%) or <br />greater of the bes~ "'i~ifi~ent as established by the <br />Commonwealth of ViqDinia Eaterprise Zone regulations. <br />Sec. 7.5-5. Qualificelien~fer genefits. Sec. 7.5-5. Qualification <br />for Benefits. <br />(a) All business'firms, .whioh locate, expand, or modernize within <br />the boundaries of:me Entew~.rise Zone a~ herein defined shall be <br /> <br /> <br />