Code of Virginia § 58.1-3245.7. Promotion of development of local enterprise zones.
121 words·~1 min read·
/va/title-58-1/chapter-32/58-1-3245-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It is hereby found and declared that the health, safety, and welfare of the citizens of the Commonwealth are dependent upon the continual encouragement, development, growth, and expansion of the private sector within the Commonwealth and that there are certain areas in the Commonwealth that need the attention of local governments to attract private sector investment. Local government efforts to encourage private investment in areas designated by the Governor as enterprise zones will complement the efforts of the Commonwealth to stimulate business and industrial growth in such areas.
It is essential to the public interest that governing bodies of counties, cities, and towns have authority to use tax increments to encourage private investment in local enterprise zones.
1997, c. 314 .