Virginia Governor Releases Legislative Agenda: "The Greatest Opportunity"

According to a press release on the Governor's website, Governor Bob McDonnell, joined by Lieutenant Governor and Chief Jobs Creation Officer Bill Bolling and numerous legislators, announced yesterday his "The Greatest Opportunity: Jobs and Economic Development Legislative Agenda" for the 2012 General Assembly session during a morning press conference in Richmond.

This year's agenda builds on the aggressive job creation and economic development measures that passed the General Assembly with strong bipartisan support during the 2010 and 2011 sessions. In line with the budget priorities outlined in his address to the Joint Money Committees in December, Governor McDonnell has asked for increased support of job creating funds and initiatives as part of his introduced 2013/2014 biennial budget. He also will advance legislation to increase access to capital for business and implement greater coordination among economic development entities, along with budget items increasing the support of job creation funds and initiatives.

The legislative agenda includes several tax credits:

  • Small business investor tax credit(Merricks/McDougle)

This bill would allow an individual income tax credit for qualified investments made to qualified small businesses and are held for two years, beginning on or after January 1, 2013, but before January 1, 2015.

The tax credit would be equal to 10% of the amount of the qualified investment. Qualified small businesses would be required to be designated as a qualified small business with the Department of Taxation before any tax credits are issued to eligible investors.

  • Extend the Acceleration of the Major Business Facility Jobs Tax Credit(Kilgore/Reeves)

Extends the time during which the major business facility job tax credit may be taken over a two-year period from taxable years beginning January 1, 2009 through December 31, 2012, to taxable years beginning January 1, 2009 through December 31, 2014.

  • Extend the sunset date for investments that qualify for the capital gains income tax subtraction

Extends 2010 legislation that grants an income tax deduction for any income taxed as a long-term capital gain for federal income tax purposes or any income taxed as investment services partnership interest income, on or after January 1, 2011, that is related to a qualified investment in a technology and science start-up business having a principal office or facility in the Commonwealth and less than $3 million in annual revenues in the fiscal year prior to the investment.

The deduction originally related to investments made between July 1, 2010, and June 30, 2013 this bill would extend the sunset date to June 30, 2015.

To view the full press release, go to Virginia Governor: The Greatest Opportunity.

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Brian Strahle is the owner of LEVERAGE SALT, LLC where he provides state and local tax technical services to accounting firms, law firms and tax research organizations across the United States.  He also writes a weekly column in Tax Analysts State Tax Notes entitled, "The SALT Effect."  For more info, visit his website: www.leveragestateandlocaltax.com

You can reach Brian at strahle@leveragesalt.com.

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Because state and local taxes are deceptively simple and endlessly complicated.

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