Year End Planning: Virginia Real Property Investment Grants

By Elizabeth K. Lewis, CPA, Business Assurance & Advisory Services Senior Manager

Year End Planning: Virginia Real Property Investment Grants

Real property investor grant eligibility and compliance requirements

Did you invest in the rehabilitation, expansion, or new construction of real property in the boundaries of a Virginia Enterprise Zone? If so, you could be eligible for state grant money. Review our checklist to determine eligibility and ensure conformity with compliance requirements for Virginia Enterprise Zone Real Property Investment Grants (“RPIG”) before year end.

Checklist for Virginia’s RPIG

  1. Eligible properties include commercial, industrial, or mixed-use buildings.
    • Rehabilitation and expansion – at least $100,000 incurred in qualified investment
    • New construction – at least $500,000 incurred in qualified investment
    • Solar projects – between $50,000 – $100,000 incurred
  2. Check that your investment is located in an enterprise zone using the searchable map.
  3. Ensure construction is complete and receive final placed-in-service documentation dated within the calendar year. Placed-in-service documentation may be a final certificate of occupancy or a final inspection report if a CO is not required.

Qualified real property investments may be capitalized or expensed for tax purposes but must be taxed as real property by the local government.

Applications require inclusion of an Attestation Report from an independent CPA and are due April 1, 2024.  Questions about eligibility, estimating your potential grant award, or applying? We can help. Contact your Keiter Opportunity Advisor.

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About the Author

Elizabeth K. Lewis

Elizabeth K. Lewis, CPA, Business Assurance & Advisory Services Senior Manager

​Elizabeth is part of the Business Assurance & Advisory Services group at Keiter. Her client base consists primarily of private equity and real estate funds and also includes contractors and not-for-profits. Elizabeth specializes in auditing non-registered investment funds and possesses a comprehensive understanding of fund accounting and auditing services. She is also a member of the Firm’s Real Estate and Construction team.

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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.


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