Governor McDonnell outlines business policy to CEOs
Speaking to the Virginia Council of CEOs last Thursday, Gov. Bob McDonnell said that he wants to create a favorable playing field for Virginia businesses by limiting taxation, regulation, litigation and unionization.
McDonnell also said that he has asked the General Assembly for $38 million more this year to use on economic development efforts. These funds will be used to help relocate businesses to Virginia or assist businesses in Virginia planning to expand existing operations in the Commonwealth.
The governor plans other efforts, too, including:
- Modifying or reducing the state’s BPOL tax, which is currently charged in 39 cities and 47 counties
- Cutting the state’s machinery and tools tax to encourage capital investment in advanced manufacturing and industrial sectors
- Increasing state support for higher education
For more details, read the full article at the Richmond Times-Dispatch website.