Legislative Action in Virginia

Posted on 06.23.15

Legislative Action in Virginia

By Richard W. Lewis, CPA, CFE, Business Assurance & Advisory Services Partner | Manufacturing Industry Team

On June 11, 2015, the Virginia Manufacturers Association (VMA) made available its “2015 VMA Legislative Wrap-Up Report” to its members.  The report provides a statistical overview of the legislative session and the results of most bills that could impact the manufacturing sector.  Specific bills that are important to manufacturers include the following:

  • HB 1554 Recycling Equipment Tax Credit Reform – Reauthorizes tax credit, increases rate to 20 percent of purchase price and established a 2 million dollar cap (Result: Passed)
  • SB1044 Federal Internal Revenue Code (IRC) Conformity; Section 199 Domestic Production Deduction – Allows for full deduction of 9 percent of qualified income from domestic production (Result: Passed)
  • SJ274 JLARC Manufacturing Study – Requires JLARC to update its 2006 study on the cost of regulatory compliance on the manufacturing sector (Result: Passed)
  • HB1512 Minimum wage – Increases minimum wage to $15.15 per hour (Result: Tabled)
  • SB704 Local minimum wage – Allows any locality to establish a $10.50 per hour minimum wage (Result: Passed by)
  • SB706 Minimum wage – Increases minimum wage to $8 per hour and tipped wages to 50 percent of minimum wage (Result: Stricken)
  • HB1697 Plastic microbeads – Bans the manufacture and sale of plastic microbeads (Result: Tabled)
  • SB880 Local option for disposable plastic bags ban – Allows any locality by ordinance to prohibit retailers from providing disposable plastic bags to consumers (Result: Failed to report)

The outcome of the 2015 legislative session was a “win” for Virginia manufacturers.  The full report and other information on legislative policy in Virginia that impacts manufacturers can be found here.

Posted by: Richard W. Lewis, CPA, CFE

Richard is a Partner at Keiter and has over 15 years of accounting and auditing experience in both corporate and public accounting. He provides audit and assurance services to non-profit organizations such as foundations, religious entities, private schools, membership, and voluntary health and welfare organizations. He supervises some of our larger non-profit engagements that include the Uniform Guidance. Richard is a member of the Firm’s Not-for-Profit team. Read more of Richard’s insights on our blog.