Virginia Governor Launches ‘Business License Incentive Program’

Virginia Governor Bob McDonnell signed a bill yesterday, Wednesday May 25, 2011, aimed at attracting the opening of small businesses in the State of Virginia. The Bill, # HB1587, called ‘Business License Incentive Program’ will grant localities the authority to rebate business license taxes back to newly formed businesses within their first 2 years of formation.

As the governor said, “We are constantly looking to implement policies that will help the private sector to create new jobs here in Virginia. That is what this legislation does and it is part of our ongoing effort to ensure that Virginia remains the most business-friendly state in America," quoted by WHSV.

Both Virginia Beach and Chesapeake Cities initiated requests to the Virginia Legislature to be authorized permission to give new businesses a 2 year break by refunding the business license tax. All localities in Virginia now have this option, if they choose it.

The ‘Business License Incentive Program’ is part of an 'Opportunity at Work' legislative package to help attract new businesses to the state.

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