Virginia Chamber of Commerce
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Chamber Briefings 
February 26, 2016
Upcoming Events

SAVE THE DATE for these upcoming events:
 
2016 Fantastic 50 Awards
April 28
Westfields Marriott, Chantilly

2016 Energy, Sustainability & Resiliency Conference
May 10
Greater Richmond Convention Center

Virginia Chamber Annual Dinner and Legislative Awards
May 17
Richmond

2016 Health Care Conference
June 9
Greater Richmond Convention Center
Member News

Huntington Ingalls Industries opening employee health center next week
President's Message

Barry DuVal On Sunday, both the House and the Senate revealed their respective versions of the two-year budget. Below, you'll find highlights of some of the items included in each. Both bodies were required to pass their own version of the budget by Thursday, February 25th, The House has named Delegates Jones, Landes, Cox, O'Bannon, Greason and Torian as their budget conferees. The Senate has named Senators Norment, Ruff, Hanger, Newman, Howell, Saslaw and Wagner.

Early bird registration is now open for our 2016 Energy, Sustainability and Resiliency Conferece on May 10th--you can click here to take advantage of this special pricing. Our keynote speakers and panelists will be announced soon, but see below for more details on the day, including panel descriptions. We hope you'll make plans to join us.
Bills We're Watching

Our bill tracking system, "Bills We're Watching," provides a quick and easy way for our members to stay abreast of all legislation pertinent to business. Short, concise summaries of each bill are provided along with the Chamber's "thumbs-up" or "thumbs-down" position.

Click on the image above to view Bills We're Watching. 
Budget Update

On Sunday, the House and Senate both released their proposed state budgets. Here are some of the highlights of the items included in each:

HOUSE
  • GoVirginia: $32.5 million over the biennium 
  • Research: $40 million for the Virginia Research, Development and Commercialization Fund
  • VA Port Authority: $350 million bond package fully funded 
  • Dulles Airport:  $50 million dollars over the biennium.  The House is attaching conditions to ensure the expenditures meet the public interest, and help them achieve long-term sustainability. 
  • Workforce training/credentialing (HB 66): $12 million for higher ed. and $2.5 million for K-12 (equipment and credentialing). 
  • VCBA bonds for lab renovations and the acquisition of research equipment: $50 million + $10 million for cancer research at VCU and UVA
  • Virginia International Trade Corporation--created pursuant to the passage of HB 858.  An appropriation of $150,000 for 2017 and $150,000 for 2018 is provided. 
  • Pre-K: $4.6 million grant program in support of public-private delivery of Pre-K.  
SENATE:
  • GoVirginia: $38.9 million 
  • Pay-for-performance: $4.3 million to initiate new incentive-based teacher compensation program
  • Pre-K: $6.9 million grant program in support of public-private delivery of Pre-K
  • VA Port Authority: Senate strikes $350 million bond package and replaces with $250 million bond package but will add additional $135 million from other transportation line items.
  • Dulles Airport: $50 million over the biennium, contains conditions that must be completed in the first year before funding will occur.
  • Workforce training/credentialing:  $13 million over the biennium to fund the "New Economy Workforce Credential Program" an additional $6.0 million for workforce equipment, and almost $2.1 million to support a Veteran's portal and to administer and market the program. 
  • R&D Higher Ed Incentive Package:  $30.5 million over the biennium through grants and an additional $65 million through bond proceeds for renovations and equipment. 
Worker's Compensation Legislation Passes Both Houses, Heads to Governor

A bill that would reform Virginia's worker's compensation program has passed both the House and the Senate. The Virginia Chamber supports this legislation, as it will make worker's compensation costs more predictable for businesses.

To read more on the bill from the Daily Press, please click here.
VA Chamber Joins Amicus Brief Against EPA's Clean Power Plan

This week, the Virginia Chamber of Commerce joined 166 other state and local business associations from 40 different states in an amicus brief filed in the U.S. Court of Appeals for the D.C. Circuit explaining the harmful economic impact posed by the EPA's carbon regulations. The lawsuit, which will be considered by a federal appeals court this summer, involves EPA's "Clean Power Plan" rules, which aim to reconfigure state electricity systems. It is expected to be a landmark case that could shape Virginia's energy and economic future. 

To read more, click here.
Barry DuVal: Virginia Needs Atlantic Coast Pipeline

The following op/ed ran in the Virginian Pilot on February 22, 2016:
IN THE VIRGINIA Chamber's Blueprint Virginia business plan for the commonwealth, we called for a balanced, sustainable energy policy that supports economic development and job growth while meeting the growing needs of our population and business community.

Demand for natural gas as a fuel for power generation is expected to triple over the next 20 years in Virginia and North Carolina. The Atlantic Coast Pipeline would help meet that demand by connecting us with the abundant supply of natural gas in West Virginia. It makes good business sense, and it will help Virginia comply with the EPA's Clean Power Plan.

The CPP's framework identifies natural gas as a key "building block" that makes up the "best system for reducing carbon pollution." The commonwealth will continue to generate about a third of our power from nuclear for the foreseeable future.

To read the full op/ed, click here.
Urgency grows to stop U.S. companies from leaving
 
The U.S. House of Representatives Ways and Means Committee Chairman Kevin Brady warned Wednesday that U.S. companies face strong pressures to move their headquarters out of the U.S. because of the tax code. This marked the committee's first hearing on an effort to reform international taxation. Witnesses at Wednesday's hearing testified that one of the main reasons companies want to move out of the U.S. is the 35 percent corporate income tax rate, which is the highest among advanced economies. 

Because that rate is applied to all worldwide income, an unusual feature of the U.S. tax code, the result is an estimated $2.1 trillion in corporate earnings have been stranded outside the country. Chairman Brady warned that this year as many as 30 companies might attempt to undergo inversions, maneuvers in which they lower their U.S. tax bill by merging with a business in a low-tax country and then move the headquarters of the combined company there. Meanwhile, some economists are warning that without reform to lower tax rates corporations will migrate offshore, and more of their high-skilled, high-quality jobs will be staffed abroad.
Candidates: It's Time to Commit to Comprehensive Tax Reform
 
by Ryan Dunn, Executive Vice President, Corporate and Government Affairs; Executive Director, Virginia Chamber PAC; Executive Director, Virginia Wins

On the eve of this Tuesday's presidential primary election in Virginia, it is time for the candidates to publicly embrace comprehensive tax reform in America.  The current system has been allowed to evolve into an unwieldy, overly burdensome, wildly complicated, and wholly unfair mess.  The current tax code penalizes success, impedes innovation, discourages growth, and undermines American competitive fitness on the world stage.  It has also been used as an instrument for artificially picking winners and losers in a market place that was intended to function without the heavy hand of an activist federal government.

Politicians have talked about reform for more than 30 years.  Here are a few reasons why comprehensive tax reform is now a critical issue:...

To read the full blog post, click here.
Early Bird Registration Open for 2016 Energy, Sustainability and Resiliency Conference!

Tuesday, May 10, 2016
Greater Richmond Convention Center

Early Bird Rate: $95

Featuring Panel Discussions On:

Virginia's All of the Above Energy Strategy
Blueprint Virginia calls for the Commonwealth to embrace an "all of the above" energy strategy that supports economic development and job growth while meeting the growing needs of our population and business community. How is Virginia harnessing our diverse solar, wind, coal, natural gas, and nuclear resources to ensure the Commonwealth's long term economic vitality?
 
Sustainability-Good For Business
We know that Virginia businesses are leading the way in developing new sustainability practices with a global impact. Every year, they find ways to use resources more efficiently and effectively. Businesses in Virginia devote millions of dollars annually to sustainability efforts that impact their communities. Business leaders will highlight how their organizations think about and practice sustainability across the board-and why it is good for their bottom line.
 
Threats to Resiliency in Virginia - How and What is Virginia doing?
Reliable energy and data infrastructure is essential for businesses. Threats to our infrastructure-whether from natural events or a man-made disasters such as a cyber-attack-have a major impact not only on the utility industries but on the businesses that rely on them. Resilient infrastructure not only enhances quality of life, but helps businesses operate more efficiently and reliably. This panel will highlight how Virginia companies are planning and responding to events that could disrupt energy supply and mitigating risks through policies, programs, and investments that provide for more secure and resilient energy and data infrastructure.


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Interested in International Expansion? Take Advantage of VITAL!
The Virginia Chamber is proud to partner with the Virginia Economic Development Partnership on VITAL, the Virginia International Trade Alliance. As a VITAL partner, our member companies have access to steeply discounted rates for international market research as well as international trade shows and international trade missions facilitated through VEDP. 
 

Click below for more information:

If you or a company that you work with is interested in learning more about VITAL, please contact Samantha Quig, Deputy Director of Communications, at s.quig@vachamber.com or 804-237-1457.
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