Sen. Creigh Deeds, the Democratic nominee for governor, stood with small business owners today at Black Dog Bikes in Staunton to discuss his economic plan to stimulate small business growth. The plan creates a tax break for every job created in the Commonwealth, develops a rural business fund, reduces red tape for businesses, increases government transparency and doubles the Governor’s Opportunity Fund to help attract businesses to Virginia.
“In cities and towns across the commonwealth, small businesses keep main streets bustling and help keep our economy moving,” said Sen. Deeds. “That’s why, when I am governor, I will implement targeted tax relief for small businesses—covering payroll taxes for businesses that create new jobs. Create a job, get a tax credit: it’s that simple.”
Unemployment in Staunton is 7.6 percent, amounting to 1,800 people looking for work. In Augusta County, unemployment is at 6.9 percent.
“As governor, Creigh will work with Virginia as a whole, and I think that’s key to effective leadership,” said Black Dog Bikes owner David Bottenfield.
“Moreover, he’s pro-business and pro-small business,” Bottenfield continued. “And in a place like Staunton, where a couple thousand people are looking for jobs right now—that’s key, too. We need a Governor like Creigh will be to help start-ups start up and to support small businesses in this economy.”
Sen. Deeds’ plan to stimulate small business growth will:
– Implement targeted tax relief for small businesses by covering payroll taxes for businesses that create new jobs. In other words, create a job, get a tax credit.
– Extend the net operating loss carryback tax break to five years (from two) to throw a lifeline to struggling small businesses.
– Expand the “Business One Stop” website and office within Department of Business Assistance to make it easier for entrepreneurs to start new businesses.
– Review state agencies at least once every decade with a goal of saving the General Fund between one and six percent, which will mean more money for essential services like schools and public safety.
– Increase state contracting for small, women, and minority-owned (SWAM) businesses.
– Create a new Rural Business Fund and promote New Markets Tax Credits. A Rural Business Fund would provide a new source of capital for small businesses seeking to expand in rural and underserved areas.
– Provide incentives for small businesses to pool together to purchase low-cost insurance for their employees.
To learn more about Sen. Deeds’ plan to jump-start the economy, please visit: http://www.deedsforvirginia.com/Issues/Economy.
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