Proposed Tax "Break" Could Harm Businesses
Update, 2/25/08, The Virginia Senate voted to recommit this legislation to the Privileges and Elections Committee for consideration in 2009. In effect, this is a Victory for Business!
Update, 2/12/08, From the Virginia Chamber of Commerce: The Senate resolution permitting a Homestead Exemption in Virginia failed last week, leaving an identical House passed measure that again must be defeated in the Senate. Intense pressure will mount in the coming days to move this measure to the Senate floor, where it could pass.
Make those contacts now!
SJ 6 and HJ4, known as the Homestead Exemption, would allow Virginia localities to exempt or defer real estate taxes on primary residencies. However, this is not a tax cut, but a tax shift, with studies showing that the tax burden would be moved to businesses. In our current economy, the Prince William region cannot afford measures that would encourage local legislators to raise business taxes.
The Region's Chamber is working with other business groups to encourage our elected officials to consider the full consequences of this legislation, and vote "no" to the Homestead Exemption. Visit the links below to learn more, or click here to contact your state representatives.
Click to learn more:
Problems With the Homestead Exemption
Facts & Figures from the Council on State Taxation
Letter to our State Representatives - 1/08
