Bulletin Number
VTB 99-6
Tax Type
Corporation Income Tax
Description
Major Business Facility Job Tax Credit; Economically Distressed Areas for 1999
Topic
Computation of Income
Date Issued
05-01-1999
MAJOR BUSINESS FACILITY JOB TAX CREDIT
ECONOMICALLY DISTRESSED AREAS FOR 1999
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 1999
50 EMPLOYEE THRESHOLD LOCALITIES FOR 1999
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 1999.
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, 1997 through June 30, 1998 was used. Based on this data the state average was 3.4 percent. Any city or county having an unemployment rate of at least 3.9 percent, therefor is considered "economically distressed" for 1999.
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.
UNEMPLOYMENT
LOCALITY RATE LOCALITY RATE
Accomack Co. 8.2 Lunenburg Co. 7.3
Alleghany Co. 5.2 Martinsville City 4.8
Appomattox Co. 4.6 Mecklenburg Co. 5.5
Bath Co. 6.2 Newport News City 4.6
Bland Co. 5.9 Norfolk City 5.9
Bristol City 4.7 Northampton Co. 5.9
Brunswick Co. 5.5 Northumberland Co. 10.1
Buchanan Co. 14.8 Norton City 8.0
Buckingham Co. 5.0 Nottoway Co. 5.6
Caroline Co. 6.3 Page Co. 5.5
Carroll Co. 4.2 Patrick Co. 3.9
Charlotte Co. 5.8 Petersburg City 6.3
Clifton Forge City 6.2 Pittsylvania Co. 5.6
Craig Co. 4.5 Portsmouth City 6.6
Covington City 7.7 Prince Edward Co. 6.7
Danville City 6.4 Pulaski Co. 4.8
Dickenson Co. 18.2 Rappahannock Co. 4.1
Emporia City 5.9 Richmond City 4.2
Essex Co. 6.7 Richmond County 6.0
Franklin City 4.4 Russell Co. 10.3
Giles Co. 7.5 Scott Co. 6.8
Grayson Co. 5.4 Smyth Co. 6.9
Greenville Co. 4.3 Suffolk City 4.8
Halifax 9.6 Surry Co. 9.4
Hampton City 4.4 Sussex Co. 4.7
Highland Co. 5.3 Tazewell Co. 9.4
Hopewell City 4.8 Washington Co. 5.6
Isle of Wight Co. 4.1 Waynesboro City 4.1
King and Queen Co. 4.5 Westmoreland Co. 6.7
Lancaster Co. 11.1 Williamsburg City 6.1
Lee Co. 8.7 Wise Co. 11.5
Louisa Co. 6.0 Wythe Co. 5.3
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