Two bills that are of significant importance to the Hampton Roads Chamber and its members will be considered by the Senate Finance Committee on Wednesday, January 31 which are SB1540 (Sturtevant) and SB 1456 (Wagner).
The Hampton Roads Chamber OPPOSES Senate Bill 1540 (Sturtevant) as it reduces funding for Virginia’s research and development tax credit that was bolstered just last year. These credits make Virginia more competitive in attracting and retaining companies that make significant investments in research and development here in the Commonwealth.
The Hampton Roads Chamber strongly SUPPORTS Senate Bill 1456 (Wagner) as it addresses an important transportation funding issue that impacts Northern Virginia and Hampton Roads – the lack of a regional motor fuels tax floor.
Last year, Northern Virginia and Hampton Roads experienced a combined shortfall of $80 million in funding for transit and road projects across our region due to the lack of a floor in the regional motor fuels tax. Establishment of a floor, as called for in SB1456, will preserve an important funding source for transportation in our region, and will ensure that reliable revenue critical for bonding is preserved for the years to come. Click here to access a joint letter from the Hampton Roads Chamber, Northern Virginia Chamber and ChamberRVA expressing our support for this vital effort.
Committee work and floor sessions will intensify as we approach the February 7th Crossover deadline by which the House and the Senate must act upon legislation that originated in each respective chamber.
Your Hampton Roads Chamber will keep you up-to-date on the status of our Legislative Agenda and other bills of importance as we proceed.