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.
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.