Enterprise Zone Grant Program. Makes several changes to the enterprise zone grant program. The bill removes current distress factors considered with zone designation applications and instead assesses locality-wide need in part by determining whether such zones are located in a distressed or double distressed locality, both defined in the bill. The bill authorizes the Governor to designate up to 10 additional enterprise zones on or after July 1, 2025. For enterprise zone real property investment grants, the bill (i) creates an elevated grant tier on and after July 1, 2025, for major qualified zone investors, defined in the bill, and caps grants for major qualified zone investors at $300,000 within any five-year period for any individual building or facility and (ii) allows child day centers for purposes of qualified real property investments on which any enterprise zone real property investment grants are based.

Statutes affected:
Introduced: 59.1-539, 59.1-542, 59.1-545, 58.1-548
General Laws Subcommittee Substitute: 58.1-548
General Laws Substitute: 58.1-548