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Deeds Discusses Plan to Jump-Start Small Business Growth

Press Release

Location: Charlottesville, VA

~ Deeds: 'Create a job, get a tax credit.' ~

Sen. Creigh Deeds, the Democratic nominee for governor, stood with small business owners today at The Virginia Shop to discuss his economic plan to stimulate small business growth.

Deeds' plan creates a tax break for every job created in the Commonwealth, develops a rural business fund, reduces red tape for businesses, increases government transparency and doubles the Governor's Opportunity Fund to help attract and expand businesses in Virginia.

“The first job of the next Governor is to restore confidence in the economy,” said Sen. Deeds. “That's why, when I am governor, I will implement targeted tax relief for small businesses—covering payroll taxes for businesses that create new jobs. Create a job, get a tax credit: it's that simple.”

“This election is about which candidate will bring the practical, cooperative leadership that Virginia needs in Richmond, which we've seen and benefitted from for years now,” continued Sen. Deeds. “It's about whose record shows a history of that kind of leadership, and whose plan to get our economy back on track will work for all Virginians, not just those in one region.”

Today's event took place at The Virginia Shop, a small business in Charlottesville that sells products made in Virginia.
"Creigh Deeds has made his career about making sure that all of us have the broadest opportunities possible—whether that's in education, or health care options, or in economic terms," said Willis Logan, owner of The Virginia Shop. "Senator Creigh Deeds is the economic leader for governor of Virginia.
"Creigh is the guy for the job in these tough times," Logan continued. "He understands the difficulties that small business people face every day. Not only does he understand them, but he has the ability and the track record to work with everybody and make sure we come to commonsense solutions that move Virginia forward."

Sen. Deeds' plan to stimulate small business growth will:

* Implement targeted tax relief for small businesses by covering payroll taxes for businesses that create new jobs. Create a job, get a tax credit.

* Provide a tax credit to refund any increase in federal payroll taxes small businesses pay for adding jobs. Any business that adds good-paying jobs will be eligible.

* Extend the net operating loss carryback tax break to five years (from two) to throw a lifeline to struggling small businesses.

* Expand the “Business One Stop” website and office within the Department of Business Assistance to make it easier for entrepreneurs to start new businesses.

* Review state agencies at least once every decade with a goal of saving the General Fund between one and six percent, which will mean more money for essential services like schools and public safety.

* Increase state contracting for small, women and minority-owned (SWaM) businesses.
* Create a new Rural Business Fund and promote New Markets Tax Credits. A Rural Business Fund would provide a new source of capital for small businesses seeking to expand in rural and underserved areas.

* Provide incentives for small businesses to pool together to purchase low-cost insurance for their employees.

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