Governor Glenn Youngkin signed eight bills into law March 2. The legislation signed addressed taxes, economic development, the Virginia Retirement System and higher education construction.
“I am honored to sign these bills into law to address bipartisan priorities. In the coming days, we will continue to review bills and I’m looking forward to signing more legislation into law that will ensure Virginia is the best place to live, work and raise a family,”said the governor.
One of the bills signed into law was patroned by Delegate David Bulova, D-Fairfax. HB 473, reduces the administrative burden on VRS and employers through increasing operational efficiency by easing reconciliation efforts with the hybrid retirement plan by separating existing blended defined benefit and defined contribution rates. This also allows more flexibility for individuals to change their voluntary contributions monthly instead of quarterly, making government work better for them. This has a delayed implementation date of July 1, 2024.
Other gills the governor signed include:
HB 269, patroned by Delegate Kathy Byron, R-Bedford, which supports economic development by extending the sunset to the Major Business Facility Job Tax Credit from 2022 to July 1, 2025. Qualified companies locating or expanding in Virginia are eligible to receive a $1,000 income tax credit for each new full-time job created over a threshold number of jobs beginning in the first taxable year following the taxable year in which the major business facility commenced or expanded its operations. The Governor and Delegate Byron were joined by Secretary of Commerce and Trade Caren Merrick.
HB 518, patroned by Delegate Christopher Head, R-Botetourt, which streamlines the collection and remittance process for travel intermediaries.
HB 324, patroned by Delegate Angelia Williams Graves, D-Norfolk, which supports economic development by updating provisions of the Shipping and Logistics Headquarters Grant Program that was originally established in 2021.
HB 148, patroned by Delegate Chris Runion, R-Rockingham, will make government more efficient by allowing localities to self-certify pollution control equipment for the exemption of sales & use tax already permitted. Under current law, the state certifying authorities are the State Water Control Board or the Virginia Department of Health for water pollution and the Virginia Waste Management Board for waste disposal facilities.
HB 462, patroned by Delegate Terry Austin, R-Botetourt, which supports the aviation industry in Virginia by extending the aviation materials and tools sales and use tax exemption for both state and local taxes to July 1, 2025. This bill also narrows the definition of aircraft covered by this exemption to those with a minimum takeoff weight of at least 2,400 pounds.
HB 3, patroned by Delegate Lee Ware, R-Powhatan, which extends for another three years the current Retail Sales and Use Tax exemption for sales of $1,000 or more of gold, silver, and platinum bullion and legal tender coins.
HB 165, patroned by Delegate Barry Knight, R-Virginia Beach, which authorizes issuance of bonds for James Madison University and Virginia Tech. This is a routine 9(c) bond, these bonds are typically for dorms or dining and occur routinely and yearly. These bonds do not impact general funds, are in the budget and have no debt impact. The debt does not impact Virginia’s debt capacity since the debt service is paid from project revenues as students pay for rooms throughout the semester.