The House Republican Caucus today unveiled their job creation agenda, a package of bills aimed at helping businesses secure capital, promoting research and development, extending tax breaks for start-ups and requiring competitive bidding on transportation projects.
The news conference, a new weekly meeting of the caucus’s policy work group, highlighted four pieces of legislation:
House Bill 714, sponsored by Del. Terry G. Kilgore, R-Scott, would extend by two years the major business facility job tax credit set to expire at the end of the year.
The tax credit applies to any regional or national company that is being created or expanded to add 50 full-time jobs. The company earns a $1,000 tax deduction for each new employee above the 50 threshold.
Kilgore said the intent of the bill is “to create capital so that some of our employers can use that capital to reinvest in the company, create jobs and most importantly keep those jobs on the payroll.”
House Bill 1102, sponsored by Del. Jackson H. Miller, R-Manassas, would allow any investor-owned electric utility companies participating in the renewable energy portfolio standard program to meet certain program requirements through renewable and alternative energy research and development.
Miller said the legislation would encourage electric utilities to partner with either private sector companies or Virginia colleges and universities to meet the requirements.
“I think it’s a great opportunity for our universities to get more research dollars coming through their doors as well as a great opportunity for some of the renewable energy systems that are not quite where they need to be for affordable energy,” Miller said.
House Bill 1013, sponsored by Del. Barbara J. Comstock, R-Fairfax, would extend the current capital gains tax exemption for start-up companies.
“This will continue to allow our job creators to expand investment in science and technology by exempting investment in business start ups from capital gains taxes. Virginia investors will be encouraged to support our entrepreneurs and create more good paying high tech jobs,” said Comstock.
House Bill 33, also sponsored by Comstock, would require that state agencies or construction managers acting on their behalf neither favor nor discriminate against contractors with labor unions bidding on state transportation and infrastructure projects.
Comstock said the bill would encourage competitive bidding and stretch tax dollars.
“Some have attempted to mandate union project labor agreements on projects. It has been estimated such union mandates would raise costs by 10 to 20 percent or more with the most egregious example being Boston’s ‘Big Dig’ debacle,” said Comstock.
“This bill simply ensures neutrality and provides that the 96 percent of the Virginia private construction workforce who choose not to join a labor union have a fair opportunity to compete for projects funded with our tax dollars.”