Chapter 75 FINANCE AND TAXATION.

75-53    ENTERPRISE ZONE - DEFINITIONS

As used in this Article, the following definitions shall apply:

BUSINESS FIRM - Any business entity authorized to do business in the Commonwealth of Virginia and subject to the state income tax on net corporate rate income (Section 58.1-400 et seq.), or a public service company subject to a franchise or license tax on gross receipts, or a bank, mutual savings bank, savings and loan association or a partnership or sole proprietorship.  A "business firm" includes partnerships and small business corporations electing to be taxed under Subchapter S of the Federal Internal Revenue Code, and which are not subject to state income taxes as partnerships or corporations, the taxable income of which is passed through to and taxed on individual partners and shareholders.  However, a "business firm" does not include organizations which are exempt from state income tax on all income except unrelated business taxable income as defined in the Federal Internal Revenue Code, Section 512, nor does it include homeowners' associations as defined in the Federal Internal Revenue Code, Section 528.

ENTERPRISE ZONE - An area declared by the Governor of the Commonwealth of Virginia to be eligible for the benefits accruing under the Virginia Enterprise Zone Act (Section 59.1-270 et seq.).

EQUIVALENT EMPLOYMENT OR JOB - Forty (40) hours per week of an hourly week (or the salaried equivalent).  A single "equivalent job" may be represented by one (1) employed individual, or by multiple employed individuals whose aggregate hours of employment (or salaried equivalent) equal forty (40) hours per week.

EXISTING BUSINESS - Any business operating or located within the Enterprise Zone on January 1, 1994, or within the corporate limits of the Town of Front Royal prior to its location within the Enterprise Zone.  A business which retains the same ownership and which was operating or located within the Enterprise Zone on January 1, 1994, or within the corporate limits of the Town of Front Royal prior to location within the Enterprise Zone shall not be defined as a new business, even if the name or entity (corporate or otherwise) has changed.

NEW BUSINESS - A business operating within the Enterprise Zone after January 1, 1994, having had no prior business located within the corporate limits of the Town of Front Royal.

TOWN - The Town of Front Royal, Virginia.