Virginia Enterprise Zone Program

Virginia Enterprise Zone Program is sponsored by City of Hampton, Virginia. Provides incentives to businesses located within designated Enterprise Zones in Hampton to promote economic development through job creation and real property investment.

Hampton Enterprise Zone Program | Hampton, VA - Official Website Create a Website Account - Manage notification subscriptions, save form progress and more. Hampton Enterprise Zone Program Hampton Enterprise Zone Program The City of Hampton has two state-designated enterprise zones, the Hampton Roads Center Enterprise Zone and the Hampton Urban Enterprise Zone .

In addition to the state program, Hampton administers a local enterprise zone. View a map of the Hampton Roads Center Enterprise Zone View a map of the Hampton Urban Enterprise Zone The program is designed to stimulate economic growth and neighborhood revitalization by encouraging businesses to expand, relocate, or start new operations within Hampton’s designated Enterprise Zone boundaries.

Virginia Enterprise Zone Program Administering Body/Responsible Parties The City of Hampton administers this program. The Hampton Department of Economic Development provides administrative support. Generally for-profit businesses that are located within the boundaries of the state-designated Hampton Urban Enterprise Zone or Hampton Roads Center Enterprise Zone are eligible to apply.

Hampton Enterprise Zone Incentives Guide (PDF) Hampton Enterprise Zone Incentives Application (PDF) Capital Investment Grant Qualifications For an existing business to become qualified: Increase the number of full-time employees in the Enterprise Zone by 10% and the increase must constitute at least three (3) net new full-time employees within 18 months of making an application to the City of Hampton.

The wages paid to the minimum number of new full-time employees shall be equal to twice the federal minimum wage rate; and Make an added capital investment within either the Hampton Urban or Hampton Roads Center Enterprise Zone of at least $500,000 within an 18-month period, as verified by the Commissioner of Revenue For a new business to become qualified: Create at least 25 net new full-time employees at the Enterprise Zone location within 18 months of making an application to the City of Hampton and wages paid to each new employee shall be equal to twice the federal minimum wage rate; and Make a $500,000 minimum added capital investment within the Enterprise Zone in machinery and tools and/or in business personal property within an 18 month period, as verified by the Commissioner of Revenue Business License and Utility Tax Refunds Qualifications For an existing business to become qualified it must: Increase the number of full-time employees in the Enterprise Zone by 10% and the increase must constitute at least three (3) net new full-time employees, whichever is greater, within 12 months of making an application to the City.

The wages paid to the minimum number of new full-time employees shall be equal to twice the federal minimum wage rate; and Make an added capital investment within either the Hampton Urban or Hampton Roads Center Enterprise Zone of at least $50,000 within 12 months of making an application to the City of Hampton, as verified by the Commissioner of Revenue For a new business to become qualified it must: Hire a minimum of 10 full-time employees within either the Hampton Urban or Hampton Roads Center Enterprise Zone within 12 months of application and the wages paid to the minimum number of new full-time employees shall be equal to twice the federal minimum wage rate; and Make an added capital investment of at least $100,000 within either the Hampton Urban or Hampton Roads Center Enterprise Zone within 12 months of making an application to the City of Hampton, as verified by the Commissioner of Revenue Type of Assistance Offered This program provides the three incentives as follows: Provides 100% of the actual business personal property and/or machinery and tools taxes paid to the City of Hampton for three years Grant is available with a maximum of $50,000 per year Business License Tax Refund Provides a refund of business license taxes for five years Refund is based on a sliding scale: Benefit is available with maximum of $10,000 per year Provides a refund of utility license taxes for five years Refund is based on a sliding scale: