Tag: Andrew Serafini

$925 million capital budget passes House

The House of Delegates approved $925 million in new debt in its capital budget on Tuesday – but not before several attempts were made to trim the amount that the state was going to borrow. The capital budget is funded through bonds, and the money is spent on infrastructure projects across the state.

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Delegates still skeptical of combined reporting for corporate taxes

Although many economists, experts, unions and small businesses urged the House Ways and Means Committee to institute combined reporting for more equitable corporate taxes, delegates seemed skeptical of the taxation method. Combined reporting is a complicated method of calculating corporate taxes based on how much companies make in all states where they are located, not where they are headquartered. It would shift businesses’ tax liabilities because of the new way income would be measured.

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