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News & Press: Government Affairs

Impacts of Gov. McAuliffe's Dec. 17 Proposed Budget

Monday, December 21, 2015  
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VRLTA Highlights in Governor McAuliffe’s $100 Billion FY2016-2017 Budget

 

 

On December 17th Governor McAuliffe unveiled his two-year FY2016-2017 budget. When Session starts on January 13th, the House and Senate will both have an opportunity to craft their variations of the FY2016-2017 Budget. During the final weeks of Session, the Budget Conferees who are appointed members of the House Appropriate and Senate Finance Committee’s will then meet to create one compromise budget that will be sent to the Governor for his final approval in the spring. VRLTA will continue to advocate on behalf of our industry and keep you updated as we move through the budget process.

 

$2 Million VTC Marketing Funding Increase
  Included in the Governor’s proposed budget was a $4 million increase over the biennium to enhance VTC’s marketing and promotion efforts. That breaks down as two million additional dollars in fiscal year 2016 and two million in fiscal year 2017. While this is positive news for our industry, it will be essential that appropriated amount is protected as we move through the budget process.
 

 

$600,000 Governor’s Motion Picture Opportunity Funding
  Governor McAuliffe’s budget also included an additional $600,000 funding for film incentives. Better known as the Governor’s Motion Picture Opportunity Fund, this money is a vital tool in the recruitment of new and renewing film projects in the Commonwealth.
 

 

Accelerated Sales Tax Threshold Increased to $10 Million
  The Governor’s proposed budget also included increasing the threshold for Accelerated Sales Tax (AST) to $10 million in the first year and $25 million in fiscal year 2017. This threshold was lowered in 2015 from $26 million to $2.5 million. The Governor’s proposal would nearly restore the threshold to its former level and relieve the burden of accelerated sales tax payment for small to mid-sized businesses in the Commonwealth.
 

 

Dulles International Airport Funding
  The budget also included funding to help Dulles International Airport attract additional carriers and retain existing ones. The Governor included $25 million additional each year for a total of $50 million over the biennium. As we continue our efforts to increase visitation to the Commonwealth, competitive air service serves an essential role.
 

 

International Trade Initiative
  The Governor also included $3.65 million each year for international trade and export programs, redoubling the Commonwealth's focus on finding new markets for Virginia's goods and services. This is an important factor in diversifying Virginia’s economy moving forward.
 

 


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