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.

State: 
Virginia
Reporting Jurisdiction: 
Norfolk
Jurisdiction type
Municipality
Fiscal year ending In: 
2018
Program name: 
New Business License Incentive Program
Program purpose
Economic development
Statutory authority
Norfolk Code 24-25.9 and 24-25.2
Abating jurisdiction(s)
City of Norfolk
Applicable taxes: 
Business 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)