Public Comments for 02/08/2021 Finance
SB1112 - Research and development expenses; tax credit available against the bank franchise tax.
SB1130 - Personal property tax; exemption for motor vehicle of a 100 percent disabled veteran.
SB1146 - Income tax, state; conformity with the Internal Revenue Code.
This bill absolutely should not be passed as written. NO TAX INCREASES for VA Families!
Please Oppose SB 1146--businesses need help, not more taxes to survive.
Please don’t support or pass this bill. You’re already killing the middle class. Vote no on higher taxes!
Oppose - Please do not raise taxes at a time when the economy is still trying to recover from the burdens of Wuhan Red Death. And while I am at it, please do not raise taxes, period. The government gets more than enough of our money, please start using it more wisely if you want it to go farther. Thank you,
This is NOT THE TIME to raise any taxes! It is UNCONSCIONABLE to add to the burdens of working people!
You are raising taxes and fees for US when we're not getting pay rises??!!!! How is that supposed to fix us back into the booming economy we had before our dictators went berzerk with ruining the economy?
Dear Chairwoman Watts, Vice Chairman Keam and Members of the Committee: My name is Awesta Sarkash and I’m the Government Affairs Manager for Small Business Majority, a national small business organization whose mission is to empower entrepreneurs to build a thriving and inclusive economy. I am submitting testimony to express my support for Senate Bill 1146 authored by Senator Howell, which would provide up to $50,000 in deductions related to the Rebuild Virginia Grants and up to $50,000 for forgiven PPP loans. As we inch closer toward the one-year anniversary of the COVID-19 crisis in the U.S., stories and data from small business owners across the country, and in the Commonwealth, have illuminated the dire reality of what they continue to face. In fact, our most recent survey revealed 52% of small business owners report their revenues are still down today compared to a year ago.1 This is why PPP was and remains such a critical lifeline for Virginia’s small businesses. In December, Congress passed the Coronavirus Response and Relief Supplemental Appropriations Act, which clarified that small business assistance, including PPP forgiven funds, are not taxable income and that deductions are allowed for otherwise deductible expenses paid with the proceeds of this small business assistance. Virginia should follow suit at the state level—otherwise, small businesses will have to navigate inconsistent tax regulations while trying to keep their doors open and their employees paid. SB 1146 would create parity in how PPP funds are treated at both the federal and state level and would allow small businesses not to incur more debt during the pandemic. Additionally, I would recommend increasing the $50,000 cap to the median PPP loan size to help more businesses without providing a tax break to large businesses. I urge you to vote in favor of SB 1146 to support Virginia’s small businesses during this difficult time.
SB1158 - Port of Virginia tax credits; extends the sunset date.
SB1162 - Agricultural best management practices; creates individual and corporate income tax credits.
Considering the importance of agricultural best management practices, I think any land owner who uses such practices should be entitled to a tax creadit.