RICHMOND, Va. (WFXR) – Gov. Glenn Youngkin signed eight new bills into law on Wednesday involving taxes, economic development, Virginia’s retirement system and higher education construction.
“I am honored to sign these bills into law to address bipartisan priorities. In the coming days, we will continue to review bills and I’m looking forward to signing more legislation into law that will ensure Virginia is the best place to live, work and raise a family.”Gov. Glenn Youngkin (R-VA)
With Wednesday’s signings, the following bills have officially become law.
- HB 269, patroned by Del. Kathy Bryon (R-Bedford) supports economic development by extending the sunset to the Major Business Facility Job Tax Credit from 2022 to July 1, 2025. Qualified companies locating or expanding in Virginia are eligible to receive a $1,000 income tax credit for each new, full-time job created over a threshold number of jobs beginning in the first taxable year following the taxable year which the major business facility commensced or expanded its operations.
- HB 518, patroned by Del. Christopher Head (R-Botetourt) streamlines the collection and remittance process for travel intermediaries.
- HB 324, patroned by Del. Angelia Williams Graves (D-Norfolk) supports economic development by updating provisions of the Shipping and Logistics Headquarters Grant Program originally established in 2021.
- HB 148, patroned by Del. Chris Runion (R-Rockingham) makes governement more efficient by allowing localities to self-certify pollution control equipment for the exemption of sales and use tax already permitted. Under current law, the state certifying authorities are the State Water Control Board or the Virginia Department of Health for water pollution and the Virginia Waste Management oard for waste disposal facilities.
- HB 462, patroned by Del. Terry Austin (R-Botetourt) supports the aviation industry in Virginia by extending the aviation materials and tools sales and use tax exemption for both state and local taxes to July 1, 2025. This bill also narrows the definition of aircraft covered by this exemption to those with a minimum takeoff weight of at least 2,400 pounds.
- HB 473, patroned by Del. David Bulova (D-Fairfax) reduces the administrative burdon on VRS and employers through increasing operational efficiency by easing reconciliation efforts with the hybrid retirement plan by separating existing blended defined benefit contribution rates. This also allows more flexibility for individuals to change their voluntary contrubutions monthly instead of quarterly, making goverment work better for them. This has a delayed implementation date of July 1, 2024.
- HB 3, patroned by Del. Lee Ware (R-Powhatan) extends for three more years the current Retail Sales and Use Tax exemptions for sales of $1,000 or more of gold, silver, and platinum bullion and legal tender coins.
- HB 165, patroned by Del. Barry Knight (R-Virginia Beach) authorizes issuance of bonds for James Madison University and Virginia Tech. This is a routine 9(c) bonds which are typically for dorms or dining and occur routinely and yearly. These bonds do not impact general funds, are in the budget and have no debt impact. The debt does not impact Virginia’s debt capacity since the debt service is paid from project revenues as students pay for rooms throughout the semester.