58.1-3850 - Creation of local technology zones. - Virginia Statutes

§ 58.1-3850. Creation of local technology zones.

A. Any city, county or town may establish, by ordinance, one or moretechnology zones. Each locality may grant tax incentives and provide certainregulatory flexibility in a technology zone.

B. The tax incentives may be provided for up to ten years and may include,but not be limited to: (i) reduction of permit fees; (ii) reduction of userfees; and (iii) reduction of any type of gross receipts tax. The extent andduration of such incentive proposals shall conform to the requirements of theConstitutions of Virginia and of the United States.

C. The governing body may also provide for regulatory flexibility in suchzone which may include, but not be limited to: (i) special zoning for thedistrict; (ii) permit process reform; (iii) exemption from ordinances; and(iv) any other incentive adopted by ordinance, which shall be binding uponthe locality for a period of up to ten years.

D. Each locality establishing a technology zone pursuant to this section mayalso adopt a local enterprise zone development taxation program for thetechnology zone as provided in § 58.1-3245.12.

E. The establishment of a technology zone shall not preclude the area fromalso being designated as an enterprise zone.

(1995, c. 397; 1996, c. 830; 1997, c. 168; 2002, c. 449.)