Following the inclusion of a deduction for Global Intangible Low Tax Income (GILTI) and a 20% deduction on disallowed interest in the tax conformity bills, the Chamber joined with other businesses and organizations in encouraging the Governor to sign these two bills, HB 2529 and SB 1372, into law.
The Chamber joined a coalition of businesses and trade associations to recommend that the General Assembly preserve the tax deductibility, at the state level, of Global Intangible Low Taxed Income (GILTI) and Net Interest Deduction. Although the new federal tax law has changed the treatment of these items, adding these deductions to the Commonwealth’s tax code would maintain a consistent policy in Virginia regarding overseas income and Net Interest Deduction.
The Chamber sent a letter urging Governor Ralph Northam to approve H.B. 1204, related to assessing property devoted to open space use according to its current use. This legislation would bring Arlington assessments in line with neighboring jurisdictions and fairness to the process.
The Chamber called on the Virginia House Finance Committee to renew the additional 0.25% Transient Occupancy Tax (TOT) for Arlington County. In individual letters to all 21 committee members, the Chamber explained tourism's role as a key driver of Arlington's economy, adding that renewing the TOT will help ensure that Arlington remains competitive in attracting travelers.
On behalf of the Northern Virginia business community, the Arlington Chamber of Commerce and other area chambers sent a letter to the Virginia General Assembly, requesting support for protection of budget priorities that were included in the 2016 budget. These priorities include GO Virginia grant and research funding, Workforce Credentials Program funding, Cost of Competing Adjustment (COCA) for school support positions, and salary increases for teachers and instructional staff.