Deeds promotes small business plan in Charlottesville
- August 24, 2009
Gubernatorial nominee Creigh Deeds came to Charlottesville Monday to promote his plan for small businesses. The Democrat wants to help by boosting tax credits for job creation, cutting bureaucracy and creating a fund to provide financing for rural businesses.
Deeds campaigned from The Virginia Shop in Barracks Road Shopping Center, which sells wines, food and gifts produced in Virginia.
“Small businesses are the backbone of this economy,” said Deeds, noting that more than 95 percent of Virginia’s employers are small businesses.
Some highlights of the Deeds plan:
-Incentivizing job creation and wage increases. Deeds would refund a business’ federal payroll tax increase over the previous year through a state tax credit. Businesses that add jobs or boost wages would be eligible, he says, and the state would recoup the money through income tax.
-Extending a small business’ ability to offset losses from two to five years. Under state law, businesses can offset their losses against the previous two years.
-Streamlining licensing and regulation for small businesses.
-Creating a Rural Business Fund to provide financing to businesses that might not be able to borrow through traditional means.
“[Deeds] understands the difficulties we deal with every day,” said Willis Logan, owner of The Virginia Shop.
Republican candidate Bob McDonnell also has promoted a job-creating plan. Highlights include:
-Accelerating licensing and permitting process for small businesses.
-Providing a tax credit of $1,000 for businesses that create at least 50 jobs, and at least 25 jobs in economically distressed areas.
-Assigning a deputy secretary of commerce to rural economic development.