The bill (SB 481) reduces the number of new jobs from 50 to 25 that must be created to qualify for the major business job tax credit in localities that are economically distressed. Hurt (R-Chatham) said he is committed to working with the governor and General Assembly members to promote an environment in which businesses create new jobs. Hurt's bill has been referred to the Senate Finance Committee. In his latest legislative report, Hurt said that McDonnell's commitment to economic development is especially important in light of the message at the national level that businesses are facing more taxes and regulations. "Fortunately, our governor understands that such policies are job killers, and it will be the small businesses that will lead this country out of this economic recession," Hurt said, "not more government spending, not more government debt, not more government regulation and not more taxes." Hurt, who represents Franklin County in the Virginia Senate, said that the Southside Virginia economy changed with the loss of the textile industry and the tobacco business. Southside is facing chronic unemployment of more than 11 percent, he said. Hurt has also sponsored another bill (SB 455) that would encourage veterans to start small businesses by waiving certain fees that are required when establishing and operating a small business. The bill has been referred to the Senate Committee on General Laws and Technology.

 

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