Bulletin Number
VTB 98-1
Tax Type
Corporation Income Tax
Description
Major Business Facility Job Tax Credit, Economically Distressed Areas for 1998
Topic
Credits
Date Issued
01-13-1998
MAJOR BUSINESS FACILITY JOB TAX CREDIT
ECONOMICALLY DISTRESSED AREAS FOR 1998
ECONOMICALLY DISTRESSED AREAS FOR 1998
The following document was recently published by the Virginia Economic Development Partnership. The Department is reproducing it here because it may be of interest to taxpayers and practitioners.
MAJOR BUSINESS FACILITY JOB TAX CREDIT
50 EMPLOYEE THRESHOLD LOCALITIES FOR 1998
50 EMPLOYEE THRESHOLD LOCALITIES FOR 1998
As required by § 58.1-439(J) of the Code of Virginia, the Virginia Economic Development Partnership, in conjunction with the Virginia Department of Taxation and the Virginia Employment Commission, have identified the list of localities that are considered "economically distressed" for the purpose of administering the Major Business Facility Job Tax Credit for 1998.
A city or county qualifies as an "economically distressed" locality if its unemployment rate for the preceding year is at least 0.5 percent higher than the average statewide unemployment rate. In order to utilize the most current unemployment data, an annual average for the period of July 1, 1996 through June 30, 1997 was used. Based on this data the state average was 4.3 percent. Any city or county having an unemployment rate of at least 4.8 percent, therefor is considered "economically distressed" for 1998.
As an "economically distressed" locality, the employment threshold amount required for a qualified company to receive a credit is reduced from 100 to 50 qualified full-time employees.
The law also provides the employment threshold to be reduced from 100 to 50 for major business facilities that locate in any enterprise zone.
If you should have any questions about this list you may contact Betty-Anne Teter at the Virginia Economic Development Partnership, (804) 371-8223.
UNEMPLOYMENT UNEMPLOYMENT
LOCALITY RATE LOCALITY RATE
Accomack Co. 9.7 Lunenburg Co. 10.9
Alleghany Co. 5.9 Martinsville City 6.7
Appomattox Co. 5.6 Mecklenburg Co. 7.2
Bath Co. 7.1 Newport News City 5.3
Bland Co. 7.0 Norfolk City 6.9
Bristol City 5.1 Northampton Co. 7.5
Brunswick Co. 7.8 Northumberland Co. 12.3
Buchanan Co. 16.0 Norton City 9.6
Buckingham Co. 5.7 Nottoway Co. 6.8
Buena Vista City 5.2 Orange Co. 5.0
Caroline Co. 8.6 Page Co. 6.2
Charles City Co. 5.4 Petersburg City 8.1
Charlotte Co. 7.1 Pittsylvania Co. 6.1
Clifton Forge City 6.1 Portsmouth City 7.6
Covington City 8.8 Prince Edward Co. 7.3
Danville City 7.8 Pulaski Co. 7.6
Dickenson Co. 18.7 Rappahannock Co. 5.8
Emporia City 5.3 Richmond City 5.2
Essex Co. 7.7 Richmond County 7.2
Franklin City 5.5 Russell Co. 11.1
Giles Co. 6.6 Scott Co. 7.5
Grayson Co. 6.0 Smyth Co. 10.4
Halifax Co. 12.0 Southampton Co. 4.8
Hampton City 5.2 Suffolk City 6.1
Henry Co. 5.5 Surry Co. 10.1
Highland Co. 7.8 Sussex Co. 7.0
Hopewell City 5.9 Tazewell Co. 9.7
Isle of Wight Co. 4.9 Washington Co. 7.0
King William Co. 5.0 Westmoreland Co. 9.2
Lancaster Co. 13.9 Williamsburg City 7.4
Lee Co. 10.4 Wise Co. 14.0
Louisa Co. 8.3 Wythe Co. 8.2
MAJOR BUSINESS FACILITY JOB TAX CREDIT=ECONOMICALLY DISTRESSED AREAS FOR 1998
The following document was recently published by the Virginia Economic Development Partnership. The Department is reproducing it here because it may be of interest to taxpayers and practitioners.
MAJOR BUSINESS FACILITY JOB TAX CREDIT=50 EMPLOYEE THRESHOLD LOCALITIES FOR 1998
As required by Section 58.1-439(J) of the Code of Virginia, the Virginia Economic Development Partnership, in conjunction with the Virginia Department of Taxation and the Virginia Employment Commission, have identified the list of localities that are considered "economically distressed' for the purpose of administering the Major Business Facility Job Tax Credit for 1998.
A city or county qualifies as an "economically distressed' locality if its unemployment rate for the preceding year is at least 0.5 percent higher than the average statewide unemployment rate. In order to utilize the most current unemployment data, an annual average for the period of July 1, 1996 through June 30, 1997 was used. Based on this data the state average was 4.3 percent. Any city or county having an unemployment rate of at least 4.8 percent, therefor is considered "economically distressed' for 1998.
As an "economically distressed' locality, the employment threshold amount required for a qualified company to receive a credit is reduced from 100 to 50 qualified full-time employees.
The law also provides the employment threshold to be reduced from 100 to 50 for major business facilities that locate in any enterprise zone.
If you should have any questions about this list you may contact Betty-Anne Teter at the Virginia Economic Development Partnership, (804) 371-8223.
UNEMPLOYMENT UNEMPLOYMENT
LOCALITY RATE LOCALITY RATE
Accomack Co. ............ 9.7
Alleghany Co. ........... 5.9
Appomattox Co. .......... 5.6
Bath Co. ................ 7.1
Bland Co. ............... 7.0
Bristol City ............ 5.1
Brunswick Co. ........... 7.8
Buchanan Co. ............ 16.0
Buckingham Co. .......... 5.7
Buena Vista City ........ 5.2
Caroline Co. ............ 8.6
Charles City Co. ........ 5.4
Charlotte Co. ........... 7.1
Clifton Forge City ...... 6.1
Covington City .......... 8.8
Danville City ........... 7.8
Dickenson Co. ........... 18.7
Emporia City ............ 5.3
Essex Co. ............... 7.7
Franklin City ........... 5.5
Giles Co. ............... 6.6
Grayson Co. ............. 6.0
Halifax Co. ............. 12.0
Hampton City ............ 5.2
Henry Co. ............... 5.5
Highland Co. ............ 7.8
Hopewell City ........... 5.9
Isle of Wight Co. ....... 4.9
King William Co. ........ 5.0
Lancaster Co. ........... 13.9
Lee Co. ................. 10.4
Louisa Co. .............. 8.3
Lunenburg Co. ........... 10.9
Martinsville City ....... 6.7
Mecklenburg Co. ......... 7.2
Newport News City ....... 5.3
Norfolk City ............ 6.9
Northampton Co. ......... 7.5
Northumberland Co. ...... 12.3
Norton City ............. 9.6
Nottoway Co. ............ 6.8
Orange Co. .............. 5.0
Page Co. ................ 6.2
Petersburg City ......... 8.1
Pittsylvania Co. ........ 6.1
Portsmouth City ......... 7.6
Prince Edward Co. ....... 7.3
Pulaski Co. ............. 7.6
Rappahannock Co. ........ 5.8
Richmond City ........... 5.2
Richmond County ......... 7.2
Russell Co. ............. 11.1
Scott Co. ............... 7.5
Smyth Co. ............... 10.4
Southampton Co. ......... 4.8
Suffolk City ............ 6.1
Surry Co. ............... 10.1
Sussex Co. .............. 7.0
Tazewell Co. ............ 9.7
Washington Co. .......... 7.0
Westmoreland Co. ........ 9.2
Williamsburg City ....... 7.4
Wise Co. ................ 14.0
Wythe Co. ............... 8.2
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