Virginia Sen. Mark Herring (D-eastern Loudoun) had a hand in bolstering business incentives in Virginia this month.
His legislation, Senate Bill 1326, which helps to create a research and development tax credit for start-up businesses and early-stage firms in targeted industries, was signed into law by Gov. Bob McDonnell April 7.
The bill is meant to target companies using research and development services through Virginia colleges and universities to strengthen the Commonwealth’s business competitiveness, according to a statement.
“Innovation is a huge driver of economic growth. This is an example of a smart tax policy to promote additional investment in advanced technology industries, which have high- growth potential and pay high wages,” Herring said at the signing.
Herring also co-sponsored Senate Bill 1485 with Sen. Steve Newman (R-central Virginia) that will bolster the Commonwealth Research and Commercialization Fund. The fund will serve as a catalyst for the Virginia higher education research assets and private-sector funding to encourage evolving technologies, according to the statement.
“States all over the country, and countries all over the world have become very aggressive in trying to attract advanced technology industries to their areas,” Herring said at the signing. “It is vitally important for Virginia and our economy to remain competitive with those states and countries.”
Herring’s legislation are two of 10 measures that constitute the first part of the governor’s 2011 “Opportunity at Work” program that is positioning Virginia as an attractive place for new businesses.
“The key to turning our economy around and getting Virginians back to work is ensuring that businesses continue to choose the Commonwealth of Virginia to locate, grow and expand,” McDonnell said at the signing. “Our economic success is dependent on good jobs, a well educated workforce and a strong business climate. The legislation I ceremonially signed today positions us to continue to be the best state in America in which to start or grow a business.”
This article was first published by Hannah Hager on LoudounTimes.com.