Enterprise zone grant program; real property investment grants, report.

The document formatting was restructured with added spacing, repositioned headers, and adjusted line breaks, but the actual legislative content and policy provisions remain identical.

Document formatting changed from enrolled final format to House substitute draft format with added page numbers and draft headers.

Line breaks and spacing were adjusted throughout the text, but all substantive policy language remains unchanged.

Removed enrolled session headers and chapter information that are no longer relevant to the draft substitute version.

Bill scope reduced from amending four Code sections to amending only one section (§ 59.1-548), removing all provisions about zone designations, definitions, and application reviews.

All provisions related to enterprise zone definitions, zone designation procedures, application review processes, and joint zone requirements were removed from the enrolled version.

New definition of 'major qualified zone investor' was added to mean qualified zone investors making real property investments exceeding $20 million.

Grant rates for major qualified zone investors increased from 20% to 25% of qualified real property investment in excess of $500,000 (new construction) or $100,000 (rehabilitation/expansion) effective July 1, 2025.

Maximum grant cap for major qualified zone investors increased from $200,000 to $300,000 within any five-year period for any individual building or facility.

New provisions establish that on and after July 1, 2025, major qualified zone investors receive enhanced grant benefits with higher rates and caps.