HB2163: Enterprise zone grant program; real property investment grants, report.

Legislative Summary

Enterprise zone grant program; work group; report. Changes provisions related to enterprise zone real property investment grants by (i) creating an elevated grant tier on and after July 1, 2025, for major qualified zone investors, defined in the bill, and capping grants for such major qualified zone investors at $300,000 within any five-year period for any individual building or facility and (ii) including child day centers in the definition of qualified real property investments for purposes of enterprise zone real property investment grants. The bill directs the Department of Housing and Community Development to collaborate with the Virginia Economic Development Partnership Authority to convene a work group to review the utilization of currently designated enterprise zones, make recommendations on renewals or termination of such zones, and report its findings by November 1, 2025. The bill contains technical amendments.