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All Virginia cities, many towns, and 47 counties impose business, professional, and occupational license taxes. Even when they don't make profits, businesses still must pay the tax imposed on their gross receipts instead of taxable income. Gov. Bob McDonnell calls that an obstacle to success.
"Sixty percent of all small businesses fail within the first five years, either because of under-capitalization, bad management, or government intrusion, whether it's taxes or regulations," he says.
One new law allows localities to exempt unprofitable businesses. The governor says a second gives localities more flexibility for new companies.
"That really gives it a lot of opportunities to allow localities to compete, to be able to get new businesses to come their, or, more importantly, to get entrepreneurs to start a business," McDonnell says.
Local governments are not mandated to make these changes.
Meet London's Master Architects In Jell-0
London duo Sam Bompas and Harry Parr have made names for themselves with their wild, experimental food installations. From pineapple islands and banana vapors to re-creations of famous architectural monuments, their work playfully pushes the boundary of how we experience food.Meet London's Master Architects In Jell-0
London duo Sam Bompas and Harry Parr have made names for themselves with their wild, experimental food installations. From pineapple islands and banana vapors to re-creations of famous architectural monuments, their work playfully pushes the boundary of how we experience food.Stunned By Military Sex Scandals, Advocates Demand Changes
As the nation prepares to mark Memorial Day, outrage has been building on Capitol Hill and beyond over the military's failure to repair a system that has placed service members in more danger of sexual assault than of battlefield injury.Google Reportedly Faces FTC Antitrust Probe Over Display Ads
The Federal Trade Commission is in the early stages of opening an antitrust probe into how Google runs its online display advertising business, according to a report by Bloomberg News, citing sources who want to remain anonymous because the FTC has not announced the probe.Leave a Comment
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