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The City of Hampton has designated three Technology Zones, Downtown, Hampton Roads Center and Netcenter. Hampton provides three local incentives to encourage qualified technology businesses to expand, relocate, or start-up operations within these designated areas.
Rebate of City Fees
Including fees for building permits, mechanical and gas permits, plumbing permits, electrical permits, sign permits, conditional use permits, sewer connection fees, and zoning ordinance fees. The fees identified will only be exempt if the qualified zone resident can demonstrate that 100% of the cost of expansion, rehabilitation, or new construction is to house or accommodate a qualified technology business.
Reduction in Business License Tax
A five-year reduction of business license fees to qualified technology businesses in an amount equal to 80% in year one, 60% in year two, 40% in year three, 20% in year four, and 20% in year five.
Capital Investment Grants
A five year grant provided to qualified technology businesses. This grant is based on the net increase in capital investment made within the technology zone. The five-year capital investment grant will be calculated on the net increase in business personal property, real estate, and machinery and tool taxes paid by a qualified technology business. The grant will be equal to 80% of the net increase in year one, 60% in year two, 40% in year three, 20% in year four, and 20% in year five.
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