VIRGINIA CHAMBER APPLAUDS SENATE’S BIPARTISAN PASSAGE OF THE “VIRGINIA REINVESTMENT ACT”
February 10th, 2015

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FOR IMMEDIATE RELEASE Contact: Cyndi Miracle

February 10, 2015 (804) 237-1466

VIRGINIA CHAMBER APPLAUDS SENATE’S BIPARTISAN PASSAGE OF THE “VIRGINIA REINVESTMENT ACT”

RICHMOND, VA—The Virginia Chamber of Commerce applauds yesterday’s bipartisan passage of SB 1447, patroned by Senator Ryan McDougle and co-patroned by Senators Tom Garrett and Bill Stanley, which would provide a $5 million exemption for companies that bring business back to the Commonwealth.The exemption would be available beginning in tax year 2016 for qualifying companies that make a $5 million capital investment in Virginia to open a facility or other business operation, and it would be valid for the first five years of the facility’s or business’s operation.

The Federal Government has continually failed to address the fact that our nation’s corporate tax rate is the highest in the world and has failed to acknowledge that we are a part of a global economy and must compete to retain American businesses. As a result, many American businesses have been forced to relocate outside of the United States. At a time when other states are attempting to punish inverted companies through legislation, Virginia can stand out as a leader by acknowledging that until the federal government addresses the nations archaic, burdensome tax code, Virginia must take matters into its own hands in order to remain competitive in a global economy.

Speaking about the passage of the bill, Barry DuVal, President & CEO of the Virginia Chamber said: “We are pleased that the Senate of Virginia has voted to advance this bill in a bipartisan fashion. This bill presents a unique and pro-business approach, offering an incentive to attract inverted businesses and thus thousands of jobs back to Virginia. We hope by initiating this at the state level, we will send a message to Washington that the federal tax code should be also reformed to make the United States more competitive in global markets.  We look forward to working with the patrons to ensure that this measure advances in the House.”