Sunday, December 21st, 2014

Bob-O-Meter

Establish tax credit for green jobs


"Bob McDonnell will establish Virgina as a "Green Jobs Zone' to incentivize companies to create quality green jobs. Qualified businesses would be eligible to receive an income tax credit equal to $500 per position created per year for the first five years (up to 350 jobs annually).'


Updates

Quickly accomplished

While running for governor, Bob McDonnell vowed to boost efforts to create "green jobs” at renewable energy companies.

"Bob McDonnell will establish Virginia as a ‘Green Jobs Zone" to incentivize companies to create quality green jobs,” his campaign wrote in an April 2009 news release. "Qualified businesses would be eligible to receive an income tax credit equal to $500 per position created per year for the first five years (up to 350 jobs annually).”

McDonnell acted on this promise 10 days after his inauguration. On Jan. 26, 2010, the new governor unveiled a "Jobs and Opportunity Legislative Agenda” that included a bill that would establish an annual state tax credit of $500 for every green job created, up to 350 jobs.

The credit was for jobs created at businesses involved in generating energy from solar, wind, hydropower, geothermal, and other alternative sources.

The General Assembly approved the legislation with an amendment specifying that the credit was available only for jobs paying $50,000 or more annually. The credit is available for the 2010 through 2014 tax years.

So we rate this a Promise Kept.

Sources:

McDonnell for Governor, "More energy, More Jobs,” April 2009.

Gov. Bob McDonnell, "Governor Bob McDonnell unveils Jobs and Opportunities Agenda,”  Jan. 26, 2010.

Gov. Bob McDonnell, "Governor Bob McDonnell's legislative initiatives move forward,”  Feb. 20, 2010.

E-mail from Jeff Caldwell, spokesman for Governor Bob McDonnell, Nov. 14, 2012.

Governor Bob McDonnell op-ed in the Richmond Times-Dispatch, "Significant accomplishments in 100 days,” April 25, 2010.

Legislative Information Service, "SB 626,”  accessed Nov. 12, 2012.