§ 23-23. Reduction of license tax.

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Any business located in an Enterprise Zone may be designated a "qualified business", for purposes of this article, if it is certified by the Newport News Department of Development as meeting specific guidelines for eligibility for a reduction of the license tax or fee in accordance with the application submitted to and approved by the Governor of the Commonwealth of Virginia for designation of that Virginia Enterprise Zone within which the business is located.

A qualified business is eligible for a reduction of its license tax or fee. Reduction of the license tax or fee shall begin as of the date of certification, by the Newport News Department of Development, of a firm as a qualified business. The license tax and fee shall be reduced according to the following schedule:

Time Period	Percentage Reduction
Year 1	100%
Year 2	80%
Year 3 through 10	60%

The amount of reduction shall not exceed ten thousand dollars ($10,000.00) in any single year.

(Ord. No. 4969-96, § 1; Ord. No. 6597-09)

                    
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