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Upcoming Events
Registration open:
April 28
Westfields Marriott, Chantilly
2016 Energy, Sustainability & Resiliency Conference
May 10
Greater Richmond Convention Center
May 17
The Jefferson Hotel
SAVE THE DATE:
2016 Health Care Conference
June 9
Greater Richmond Convention Center
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President's Message
 Since the 2016 General Assembly session adjourned in March, the Governor has taken action on several important pieces of legislation, which we have been monitoring on the Chamber's "Bills We're Watching" page. While the Governor has vetoed several pro-business pieces of legislation, we also achieved some important wins in preventing harmful mandates and regulations from seeing his desk. Legislators are scheduled to return to Richmond on April 20th for Reconvened Session, or "veto session." The Virginia Chamber tracked and lobbied on more pieces of legislation this year than any time since we began the legislative report card five years ago. We use the report card to educate the business community and the general public about which legislators have made long-term economic growth a priority. The 2016 Legislative Report Card will be released on May 17th at our 92nd Annual Dinner. If you haven't already, I hope you'll mark your calendars and make plans to join us in Richmond! We're also looking forward to a few other spring events. Registration is currently open for the 2016 Fantastic 50 Awards on April 28th as well as the 2016 Energy, Sustainability and Resiliency Conference on May 10th. And, please save the date for our 2016 Health Care Conference on June 9th. As always, you can find more information on all of our upcoming events on our website--www.vachamber.com.
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Senator John Miller
Senator John Miller passed away on Monday, April 4 and was laid to rest today in Peninsula Memorial Park. Our thoughts are with his loved ones as we pray for peace for his family. Since he was elected to the Senate in 2007, he has focused on ensuring that every child in Virginia gets a quality education, and in lieu of flowers, contributions can be made to the Virginia Early Childhood Foundation and Peninsula READS. You can read his obituary and share memories and condolences here.
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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. Final action on bills is also noted in the chart.
Click on the image above to view Bills We're Watching. |
Now in its 21st year, the FANTASTIC 50 program is the only annual statewide award recognizing Virginia's fastest growing businesses. Join us as we salute the winners for their entrepreneurial success and contribution to Virginia's economic vitality!
April 28, 2016
Westfields Marriott
Chantilly, VA
6:00 pm - 7:00 pm -- Reception
7:00 pm - 9:00 pm -- Dinner
2015 Fantastic 50 Awards Winners
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2016 Energy, Sustainability and Resiliency Conference Agenda Announced!
Tuesday, May 10, 2016
Greater Richmond Convention Center
Early Bird Rate: $95
extended through 4/10
AGENDA JUST ANNOUNCED!
Pinnacle Sponsor
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Platinum Sponsors
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Diamond Sponsor
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Signature Luncheon Sponsor
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May 17th, 2016
The Jefferson Hotel - Richmond, VA
The Virginia Chamber's 92nd Annual Reception, Dinner and Awards presentation will be held on Tuesday evening, May 17th in Richmond. Members of the General Assembly will be recognized with awards for their support of pro-growth, business friendly legislation during the 2016 Session.
Individual Tickets: $110 through 4/29
THANK YOU TO OUR SPONSORS!
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Presenting Sponsor
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Presenting Law Firm
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Gold Sponsors
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Businesses for the Bay - Be a Founding Member!
The Alliance for the Chesapeake Bay, in partnership with the Chesapeake business community, has launched Businesses for the Bay, an innovative membership association that provides the regional business community with a unique opportunity to network, take action, and be recognized, in a highly visible way, for environmental efforts that are important to them, their customers, and their communities. Businesses for the Bay salutes Sponsors: Chesapeake Center for Excellence and Luck Ecosystems and Founding Members: Earth & Water Group, EcoLogix Group, InClime Solutions, Lockheed Martin - Manassas, Luck Companies - Corporate Campus, Smithfield Foods, and Stormwater Maintenance & Consulting.
Sign up by April 1 to be recognized as a Businesses for the Bay Founding Member!
Learn more about Businesses for the Bay here.
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Crowdfunding Guidelines
During the 2013 legislative session, the Virginia General Assembly enacted House Bill 1872 (2013 Acts of Assembly, Chapter 289), which allows any investment made by a taxpayer that is transacted via an online general solicitation, an online broker, or a funding portal ("crowdfunding") to be eligible for any income tax credit for which it qualifies.
This legislation required the Virginia Department of Taxation ("the Department") to develop guidelines to facilitate the submission of any electronic documents that are required to be submitted by a taxpayer to document or verify that a crowdfunding investment eligible for a tax credit has been made. Because selling equity through crowdfunding was not permissible by the Securities and Exchange Commission ("SEC") at the time 2013 House Bill 1872 was enacted, the Department postponed the development of the guidelines required by such legislation until the SEC released its crowdfunding regulations. The SEC's regulations regarding crowdfunding have now been released and will become effective on May 16, 2016.
The Virginia Department of Taxation has begun developing the guidelines required by 2013 House Bill 1872. You can view a description of these guidelines, as well as a detailed work plan, on the Department's crowdfunding guidelines website. Draft guidelines, public comments and other information will be posted on this website in the future. The initial comment period began on March 29, 2016 and will continue through April 29, 2016. Please submit any comments you may have regarding these guidelines to Matthew Huntley at [email protected].
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Major Research and Development Expenses Tax Credit and Existing Research and Development Expenses Tax Credit Guidelines
During the 2016 Session, the Virginia General Assembly enacted House Bill 884 (2016 Acts of Assembly, Chapter 661), and Senate Bill 58 (2016 Acts of Assembly, Chapter 300), which established the Major Research and Development Expenses Tax Credit for taxpayers with Virginia qualified research and development expenses in excess of $5 million for a taxable year. Such legislation also amended the existing Research and Development Expenses Tax Credit by increasing the annual credit cap, increasing the annual amount of credits each taxpayer may claim, allowing a taxpayer to elect to compute the credit using a simplified method in lieu of the default method, and extending the sunset date for the credit.
Accordingly, the Department is currently in the process of developing guidelines regarding the newly enacted Major Research and Development Expenses Tax Credit. The Department is also in the process of updating the existing Research and Development Expenses Tax Credit Guidelines to reflect changes set forth during the 2016 Session.
You can view a description of these guidelines, as well as a detailed work plan, on the following websites:
- Major Research and Development Expenses Tax Credit Guidelines website.
- Research and Development Expenses Tax Credit Guidelines website.
Draft guidelines, public comments, and other information will be posted on these websites in the future.
To increase government transparency and facilitate the guideline development process, the Department will allow an initial 30-day comment period prior to drafting the guidelines, as well as a 60-day comment period immediately after public drafts have been distributed.
The initial comment period began on April 8, 2016 and will continue through May 9, 2016. Please submit any comments regarding the development of these guidelines via e-mail to Matthew Huntley at [email protected].
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Labor Department Issues Final Union 'Persuader' Rule
The U.S. Department of Labor (DOL) recently finalized it's much anticipated "persuader" regulation that requires employers and legal consultants to report any arrangement to persuade employees either directly or indirectly regarding the right to organize or bargain collectively. Under the "persuader rule," which was first proposed in 2011, employers will be required to report when they "plan, direct, or coordinate managers to persuade workers; provide persuader materials to workers; conduct union avoidance seminars; and develop or implement personnel policies or actions to persuade workers" on union organizing. Examples of activities that the rule will require reporting include training supervisors to conduct meetings about union organizing efforts; coordinating the anti-union activities of supervisors; and drafting or providing speeches to oppose union organizing.
DOL said the rule will close a longstanding loophole in the Labor Management Reporting and Disclosure Act that has allowed employers to hire consultants and create materials, strategies and policies against union-organizing campaigns, and even to script managers' communications with employees, without disclosing any information. Prior to this rule, employers were only required to disclose that they had hired an outside firm if the consultants made direct contact with employees.
The new rule will take effect July 1.
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Gridlock in Virginia
TomTom recently released a report, TomTom Traffic Index 2016, on the world's most congested cities. The report looks at traffic in 295 cities around the world and ranks them by overall congestion level and by evening rush hour. The most congested city in the world? TomTom gives that honor to Mexico City.
In the United States, the study found that Los Angeles has the worst traffic, followed by San Francisco and New York. Seattle and San Jose round out the list of top five worst traffic cities. In the Commonwealth, Northern Virginia/Washington D.C. is ranked the 8th worst in the nation. Virginia Beach is ranked 31st and Richmond is ranked 66th for the nation's worst traffic congestion.
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New analysis finds some of the most-traveled bridges in Virginia may be structurally deficient
Bridge inspection data from the Federal Highway Administration (FHWA) indicates that more than 58,000 bridges in the U.S. are considered structurally deficient, suffering from deterioration to at least one major component. According to an analysis by the American Road & Transportation Builders Association (ARTBA), it would take at least 21 years to replace or upgrade all of these structurally deficient bridges. Of the 13,884 bridges in Virginia, 8% are classified as structurally deficient. That places Virginia 21st in the nation for deficient bridges. An another 2,517 bridges, or 18%, are classified as functionally obsolete. This means the bridge does not meet design standards in line with current practice.
Unfortunately, capital funding for bridge work is not keeping pace with needs. Currently, Virginia is receiving approximately 66 percent of its DOT capital outlays for highway and bridge projects from federal funds. While these bridges may not be imminently unsafe, policymakers need to address these structural deficiencies to protect the public and ensure the free-flow of goods and services. The Federal Highway Administration estimates that each dollar spent on road, highway and bridge improvements results in an average benefit of $5.20 in the form of reduced vehicle maintenance costs, reduced delays, improved safety, and reduced road and bridge maintenance costs.
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Seventeen States Cut Taxes in 2015
Seventeen states cut taxes in 2015 according to a recently released report
by the American Legislative Exchange Council (ALEC). Overall, "10 states cut their personal income tax burdens, eight states reduced corporate income tax or business franchise tax burdens, six states reduced their property tax burdens, four states cut excessively high fees or tolls, three states cut their sales tax burdens, three states cut discriminatory taxes and one state reduced the burden of the death tax."
Arizona, Arkansas, California, Florida, Indiana, Maine, Maryland, Mississippi, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Rhode Island, Texas and Wisconsin cut taxes in 2015. Of these seventeen four states - FL, IN, OH, and WI - have cut taxes for the past three years
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Upcoming Virginia Business Coalition on Health Workshop: Building a Culture of Wellbeing
The Virginia Business Coalition on Health invites you to join us Tuesday, May 3 in Richmond for an interactive workshop as we discuss:
- How to shift from traditional wellness programming to building a culture of employee and organizational wellbeing
- How to identify and measure organizational wellbeing
- The key metrics and resources that can be used to support wellbeing efforts
Learn more and register here.
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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, Corporate Communications Manager, at [email protected] or 804-237-1457.
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Keep up with the Virginia Chamber on Twitter!
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