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2014 SESSION

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HB 406 Evaluate Tax Preferences, Joint Subcommittee to; required to report to General Assembly annually.

Introduced by: David J. Toscano | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Joint Subcommittee to Evaluate Tax Preferences. Requires the Joint Subcommittee to report to the General Assembly annually by October 1 its recommendations with regard to existing tax preferences. The bill provides for the Joint Subcommittee to adopt an initial schedule for reviewing Virginia's tax preferences by October 1, 2014, and to update the schedule by October 1 of each year thereafter, as necessary, for purposes including but not limited to incorporating newly enacted tax preferences. The bill also provides that performance measures established by the Joint Subcommittee for economic development tax preferences require the creation or maintenance of a minimum number of new full-time jobs for which (i) the average wages are at least equal to the prevailing average wage in the county or city in which the economic development project is located, and (ii) standard fringe benefits are paid or provided by the employer.


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