New bills that could affect your business

The Virginia General Assembly starts  Wednesday.

Here is a roundup of a few bills that have been introduced that could affect your business.

HB119: Income tax, corporate; eliminates state tax for taxable years on and after January

Introduced by Del. Harry Purkey (R-Virginia Beach), this bill seeks to eliminate Virginia’s corporate income tax for taxable years beginning on and after Jan. 1, 2010.

HB2: Income tax, state; small business investment tax credit

Introduced by Del. Manoli Loupassi (R-Richmond), this bill seeks to provide a tax credit equal to 10 percent of the eligible investments made by small-business taxpayers in personal property and real estate improvements used in the business. The investments must be made beginning July 1, 2010, but before July 1, 2011, and the minimum amount must be $10,000 in order to qualify for the credit. For purposes of the credit, a business qualifies as small if it has 500 or fewer employees.

HB155: Stormwater management programs; delays for two years DCR’s regulations governing

Introduced by Del. Rosalyn Dance (D-Petersburg), this bill would delay for two years the Department of Conservation and Recreation’s regulations governing the stormwater management program that were to be implemented July 1, 2010.  (The new stormwater rules have been covered extensively on BizSense.)

SJ25: Constitutional amendment; tax exemption for buildings, etc., constructed to conserve energy

Introduced by Sen. Chap Petersen (D-Fairfax), this bill would give permission to localities to to exempt from property taxes any property, including real or personal property, equipment, facilities or devices, constructed or designed to conserve energy and natural resources in a manner that meets or exceeds performance standards established for such purposes. The amendment also deletes the authorization for the General Assembly by general law to directly exempt from property taxes such property and property designed to abate pollution or transfer or store solar energy.

HB94: Income tax, corporate; reduction of rate for up to three years for some small businesses

Introduced by Del. Rob Bell (R-Charlottesville), this bill proposes to allow a reduction of 1 percent in the corporate income tax rate for up to three years for certain small businesses that increase the number of their full-time employees by a minimum of 5 percent over the previous year.

HJ28: Small businesses; joint subcommittee to study state laws and regulations that impede

Introduced by Del. Harry Purkey (R-Virginia Beach), this bill would establish a joint subcommittee to study whether state laws and regulations impede the ability of small businesses to act collectively in procuring health insurance. The study shall propose recommendations for legislation to eliminate any barriers created by state laws and regulations found to be so impeding small businesses.

You can read more about these bills and others at RichmondSunlight.com.