Lawmakers still don't have a budget, progress on small business issues
As for a legislative update, there is not a lot going on in Virginia right now. The legislature still doesn’t have a budget and it looks like there may not be one in the near future.
Legislators gaveled out last month without passing important small business reforms to make sure that Virginia small business owners have the resources they need to move forward during the recovery.
Right now, state agencies are beginning the regulatory review process. Governor Youngkin’s goal is to eliminate 25% during his tenure.
During Governor Youngkin’s event celebrating his first 100 days in office, he made remarks highlighting the need for a budget to provide gas tax relief and doubling of the standard deduction – both are issues that NFIB has been fighting or since day one of the legislative session.
Small business owners have made it clear that they need tax relief to help small businesses recover faster, keep and hire employees, and bolster communities. Increasing Virginia’s Standard Deduction to the federal level is a necessity. Suspending the increased fuel tax would not only benefit all business but also put money back into every Virginian’s wallet. Unemployment Insurance is a simple reform: lawmakers can replenish the fund with unused federal relief money to shield small businesses from significant payroll tax increases. Doing so would ensure small businesses are not held liable for fraudulent or overpayments in benefits by the state and as a result, increase pay for all small business employees.
As for the gas tax, the Governor called on legislators and NFIB supported his call to push legislators to suspend Virginia’s fuel tax for one year. However, last month the Senate killed the bill. The House version passed the House Finance committee and will be heard next in the Appropriations committee.
At the beginning of the legislative session, NFIB launched a statewide campaign that highlights the challenges facing Virginia small businesses, and there is more work to be done.