2 The Hampton Roads Messenger


Volume 10 Number 4


Governor McAuliffe Announces Key Tax Cut and Credit Proposals


a reduction in the corporate income tax rate from 6 percent to 5.75 percent effective January 1, 2017. The action will generate nearly $64 million in tax relief for businesses over two years. The broad-based tax proposal will provide significant benefits for all corporations rather than selecting winners and losers.


The Governor noted that North


Carolina has reduced its corporate income tax rate from 6.9 percent to 5 percent in the past two years and is scheduled to enact an additional rate reduction on January 1, 2016, bringing the rate to 4 percent.


RICHMOND – Governor Terry


McAuliffe has announced key tax cut and credit proposals designed to bolster Virginia’s business climate and generate swift incentives for economic growth.


which


The Governor’s tax proposals, support


the economic goals


in the two-year budget he will unveil on Dec. 17, include a reduction in the corporate income tax rate, a new research and development tax credit, improvements


to two existing


The Governor is also proposing a new Research and Development Tax Credit with a statewide annual cap of $15 million. The credit is designed to benefit companies with more than $5 million in annual research spending. The new credit becomes effective in Taxable Year 2016 with a sunset date of 2026.


tax


credits and a reduction in the number of merchants required to make accelerated sales tax payments each June.


“In order to build proposals ensure the


Virginia economy, we have to make the Commonwealth


the global market. My tax cut and credit


competitive that


Commonwealth the will attract more


businesses, create jobs, and promote economic development,” said Governor McAuliffe in a speech to reporters from across the Commonwealth gathered for the annual Associated Press Day.


Governor McAuliffe is calling for


new in


Additionally, Governor McAuliffe proposed to strengthen the existing R&D Tax Credit by raising the statewide cap from $6 million to $7 million and extending the sunset date from 2019 to 2026.


Governor McAuliffe is also


proposing an increase in the cap on Virginia’s Angel Investor Tax Credit, from $5 million to $9 million, with $2 million earmarked for bioscience projects.


Finally, Governor McAuliffe announced his commitment to reduce the number of merchants required to provide accelerated payments of sales taxes at the end of the state’s fiscal year each June.


The Governor will unveil his complete budget on December 17.


Education


Arne Duncan on House Passage of the Every Student Succeeds Act


BY ARNE DUNCAN "It is good news for our nation's


schools that the House has passed a serious bipartisan plan to fix the No Child Left Behind law. No Child Left Behind is the latest, now outmoded version of the Elementary


and


Secondary Education Act, which is, at its core, a civil rights law. Educators and leaders throughout this country have been clear in the need for an updated law, and we have joined them in that call for half a decade.


"We are encouraged that the bill passed by the House today would codify the vision that we have long advocated for giving a fair shot at a great education to every child in America – regardless of zip code. Nearly a year ago, I gave a speech setting the frame for what I believe is essential in the nation's preeminent education law. The bill that the House passed today reflects more of that vision than nearly any observer expected. It requires – for the first time in law – that every student in America be taught to high learning standards that will prepare them for college and a career. And it requires that schools – on a


statewide basis – annually


assess students' progress toward those standards, providing vital information to educators, families and communities.


In a crucial step to protect civil rights, it enshrines in law the expectation that where schools serve students poorly or have low graduation rates over extended periods of time, and where groups of students aren't making


progress, there will be


accountability and action for change. It removes a harmful proposal from an earlier House bill that


would


have taken funds from the neediest students and schools. It doubles down on our investments to expand quality preschool. That's one of the most powerful steps we can take as a country to ensure opportunity for


all students and a centerpiece


of the Administration's education agenda. And it helps to support and grow local innovations, including for evidence-based and place-based innovations developed by local educators and leaders, consistent with our i3 and Promise Neighborhoods programs; and for the expansion of high-quality charter schools, serving high-need students.


"Our nation deserves a law that


prioritizes both excellence and equity for our students and supports great educators. We are pleased the House has voted in strong bipartisan fashion in favor of a bill that does that, and we look forward to the Senate moving quickly to do the same."


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December 2015


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