Only two days ago I wrote to you about the many successes of Governor McDonnell’s first 100 days in office. Today, I’m excited to update you on yet another: Northrop-Grumman, a Fortune-100 company with annual revenue of around $34 billion, has agreed to relocate their headquarters from southern California to northern Virginia! The move will immediately bring 300 jobs to the Commonwealth and create many more as the firm grows its operations in our state.
The Governor made the official announcement only hours ago, and I’ve provided one of the many positive news articles about it here.
As always, we sincerely appreciate your continued support.
Phil Cox, Opportunity Virginia PAC
Posted by Bob McDonnell on 04/28 at 01:12 PM in
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Office of Governor Bob McDonnell - Virginia Governor Bob McDonnell announced today that he will propose an amendment to the biennial budget passed by the General Assembly to reinstate an important tax deduction for Virginia employers. Virginia law previously allowed companies to claim the federal Internal Revenue Code (IRC) Section 199 Domestic Production Activity Deduction. The deduction was passed at the federal level in 2004 to encourage domestic manufacturing and keep companies from locating offshore. However, in the original biennial budget presented by the prior Administration the deduction was eliminated effective for taxable years beginning on and after 2010. The General Assembly adjusted this slightly, moving to gradually phase out the deduction by 2014. The elimination of the deduction would eventually result in an estimated $30 million tax increase on Virginia employers.
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Posted by Anna on 04/13 at 11:49 AM in
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