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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

Effected JurisdictionCity of Norfolk
Jurisdiction type: Municipality
Fiscal year ending In2018
Program nameNew Business License Incentive Program
Program purpose: General Economic Development
Statutory authority: Norfolk Code 24-25.9 and 24-25.2
Abating jurisdiction(s): City of Norfolk
Applicable taxesBusiness License Tax
Method of abatement: Reduction
Provisions for recapture: If the business estimates its gross receipts will exceed $1 million, but the actual gross receipts are less than $1 million, the benefits of the program are not available unless the business completes the qualification process. Likewise, if the qualifying business estimated less than $1 million and the actual gross receipts were more than $1 million the business is responsible for the entire tax amount and will be removed from the program.
Gross revenue loss: $12,424
Reimbursement / offset: $0
Net revenue loss: $12,424
Type of loss: Active
Additional notes on dislosure(none)