Author: Christopher R. Budd, MACC, CPA
The 2011 Virginia Real Property Investment Grants are available for new construction or rehabilitation/expansion of buildings located in an enterprise zone. The due date for applying is April 1. Below are the qualification requirements that must be met:
- Must be commercial, industrial, or mixed-use buildings or facilities
- For rehabilitation and expansion, at least $100,000 incurred in qualified real property investments
- For new construction, at least $500,000 incurred in qualified real property investments
- Must have a Certificate of Occupancy or final building inspection dated in 2011
The grants are available in amounts up to 20% of the qualified real property investment made in excess of the spending thresholds and are capped at $100,000 for rehabilitation and $200,000 for new construction.
Should you have questions on whether you qualify for the grant, please contact your Keiter Tax team.