Virginia Chamber Applauds Senate's Bipartisan Passage of the "Virginia Reinvestment Act"

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."

The Federal Communications Commission (FCC) recently released a report analyzing the lack of access rural Americans have to high-speed Internet, or broadband. The report notes that robust broadband service is a necessity for businesses to compete in a global economy. High-speed Internet access is important for job creation, education and the Virginia's economic competitiveness. In the Commonwealth, 21 percent of the population is without access to high-speed Internet, a number slightly higher than the national average. For those Virginian's living in the rural areas - 64 percent of the population lacks access to broadband.

Virginia's Financial Literacy Standards Maintain Their Strong Standing  

Workforce Development and Education is Blueprint Virginia's #1 priority, recognizing that a highly talented and educated workforce is the lynchpin of maintaining and elevating Virginia's economic competitiveness. As put forward in Blueprint Virginia, one key way to promote Workforce Development and Education in the Commonwealth is to encourage financial education so all students obtain basic economic and financial skills and support initiatives for teacher training in this area.

Economics and personal finance education provides students with the essential life-skills they need regardless of their future vocation. This education teaches an economic way of thinking that helps individuals make better choices in all areas of their lives. Since we live in an increasingly complex and rapidly changing economy, economic and financial literacy improves each student's chance of succeeding in our market because he or she will understand how it works.

The Virginia Chamber of Commerce supports economics and personal finance as a stand-alone high school course required for graduation to ensure that all our students have the opportunity to graduate with the knowledge and skills they need to thrive in our dynamic economy. While three bills were introduced in the 2015 General Assembly to exempt some students from taking the one-credit course in economics and personal finance, all three bills were defeated. Promoting financial literacy is a step forward for the Commonwealth in developing the world's best workforce for the 21st century.