Small Business Majority submitted a letter of support to the House Committee on Finance on HB 1109, corporate income tax; combined reporting requirements; disclosures. Currently, many multi-state corporations are able to take advantage of accounting measures to reduce their state tax bills by shifting their profits to a state that tax it at lower rates, giving them an unfair advantage over small businesses. HB 1109 would level the playing field for small businesses in Virginia that are unable to use loopholes to lower their tax bills.
On January 27, 2020, Small Business Majority's Government Affairs Manager, Awesta Sarkash, testified before Virginia's Senate Committee on Commerce and Labor, in support of SB 404, health insurance; short-term limited-duration medical plans. Protecting the individual marketplace is important to entrepreneurs because many self-employed individuals and small business employees rely on the marketplace to purchase coverage.
Today, Virginia small business owner, Sandra Leibowitz, submitted a letter of support for HB 825 and SB 770, paid family and medical leave program. Implementing this state-run leave program helps small businesses to compete with larger companies by retaining employees while allowing those who need time off to take it without worrying about the cost.
Small Business Majority submitted a letter of support to the House Finance Committee on HB 1435, a refundable earned income tax credit for low-income taxpayers. This bill would support entrepreneurs, as well as many low-wage small business employees, by allowing low-income individuals to claim more money. This would put money back into their pockets and help grow their businesses, as well as their customers and local economies.
Small Business Majority has created a comprehensive state policy agenda to ensure entrepreneurship is at the center of a thriving andinclusive economy in Virginia. Virginia’s nearly 750,000 small businesses employ 1.5 million people, which amounts to nearly half of the private workforce, according to the U.S. Small Business Administration.
The Virginia General Assembly boosted small businesses on May 30 when it voted to expand the state’s Medicaid program as part of a budget plan. Giving more people access to affordable healthcare will level the playing field for small firms, foster a workforce that is healthier and more productive and direct additional funds to the state’s economy.