Statehouse Republicans Roll Out Stimulus Package
Speaker Howell and others released a comprehensive package designed to stimulate Virginia’s economy. However, rather than relying on indiscriminate spending and allowing pork to slip in like SOME stimulus packages *cough*U.S. House Democrats*cough*, the package is focused on enhancing the economy through commonsense reform and focused spending projects. As the Speaker put it:
“As Republicans, we believe in advancing innovative solutions, strong management and fiscal responsibility,” Speaker Howell. “Like we have on so many pressing issues people care about, House Republicans are offering a compelling vision for a better future and a convincing way to help lead our Commonwealth out of the current financial and budget turmoil. “These initiatives will result in more jobs, stronger economic development potential and a faster return to prosperity for Virginia‟s families, businesses and taxpayers. I am proud that our strong majority caucus has built a sensible and broad-based economic package for Virginia. We will hard to ensure its passage because I am confident it will deliver a very positive and lasting impact.”
Here is the complete package, with bill numbers:
Accelerating Higher Education Capital Building Projects HB 1600 (Putney)
o Expedites five significant higher education capital projects worth $230 million in construction value (by leveraging $12.2 million) to stimulate an estimated 3,400 new jobs and advance higher learning opportunities. The five projects, which would start 12 months earlier by speeding them up from pre- to full planning, are:
Construction of the new Luter School of Business at Christopher Newport University which house the Department of Accounting, Economics and Finance and the Department of Management and Marketing ($41 million)
Construction of Phase III of the Integrated Science Center at the College of William and Mary which will house Applied Science and Computational Science space and allow the college to secure additional sponsored research grants ($85 million)
Renovation of Ruffner Hall at the University of Virginia which houses the Curry School of Education as well as the National Research Center on the Gifted and the Thomas Jefferson Center for Educational Design ($19.4 million)
Construction of the new Engineering Signature Building at Virginia Tech which will provide classrooms, class laboratories, and research laboratories for the College of Engineering ($41.7 million)
Renovation and expansion of Duke Hall at James Madison University which provides classrooms, studios and faculty offices for the School of Art and Art History and the main stage theatre of the School of Theatre and Dance ($43.5 million)
Stimulating Virginia Business Job Creation HB 2575 (Putney)
o Extends by 10 years (to 2020) the successful major business facility job tax credit created under Gov. Allen.
o Expediting drawdown of those credits over the next two years (instead of three) will stimulate job creation.
Encouraging Economic Development HB 2550 (Cox)
o Provides innovative financing for large, job-creating economic development projects in Virginia.
o Applies to projects that create over 400 new jobs and invest over $250 million in Virginia communities.
Reinvesting in Virginia Financial Institutions HB 2583 (Merricks)
o Retains a portion (10%) of state revenue holdings in financial institutions located in the Commonwealth.
o Increases the capital holdings of those institutions by almost $400 million so they can reinvest in local jobs.
Enhancing Economic Growth and Productivity HB 2437 (Byron)
o Allows manufacturers’ corporate income tax to be based on sales and would be phased in by 2013.
o Helps Virginia remain competitive to retain and/or create some 9,000 high-paying manufacturing jobs.
Supporting Workforce Training HB 2056 (Hamilton)
o Provides economic grant incentives for workforce training programs and facilities.
o Supports an advanced workforce training program in Hampton Roads that creates 1,000 new jobs.
