The House Republican Caucus on Monday unveiled its jobs plan: a package of bills aimed at helping businesses secure capital, promoting research and development, extending tax breaks for startup companies and requiring competitive bidding on transportation and infrastructure projects.
At a new weekly meeting of the caucus's policy work group, legislators 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 2012.
The tax credit applies to any Virginia-based 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 was "to create capital so that some of our employers can use that … 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 company 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 by two years the current capital gains tax exemption for startup companies. The exemption is scheduled to expire June 30, 2013.
"Virginia investors will be encouraged to support our entrepreneurs and create more good-paying high-tech jobs," Comstock said.
Comstock also sponsors House Bill 33, which would require that state agencies, or construction managers acting on their behalf, neither favor nor discriminate against bidders on transportation and infrastructure projects with labor union agreements.
"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," Comstock said.
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