RICHMOND, Va. (AP) — The Virginia General Assembly has advanced legislation that would give corporate and income tax breaks to new companies that locate in the state’s poorer areas.
Both chambers passed their version of the legislation this week with broad bipartisan support.
The legislation would offer new companies and their employees tax breaks for 10-years for locating in specific economically depressed counties and cities.
Supporters say such dramatic incentives are needed to help lure businesses that wouldn’t otherwise locate in such areas. The income tax break is capped at $250,000 a year.
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