Sen. Stanley Pushing Economic Stimulus Bills - - ABC13

Sen. Stanley Pushing Economic Stimulus Bills


Danville, VA - State Sen. Bill Stanley is looking toward helping the Southside's economy with several economic stimulus bills.

The bills were introduced to make the Southside more competitive among economic challengers like North Carolina.

They include a corporate tax reduction for any out of state business that relocates to the Southside.

Another specified a maximum $100,000 tax credit to businesses that would renovate and retrofit old industrial buildings, many of which lay vacant in Danville.

But economic officials there say, while these bills sound enticing, many business owners would like to see other incentives.

"The preferred route is a grant. Anybody would prefer a cash grant to a tax credit. That's just simply the nature of human beings who are in business," said Linwood Wright, a consultant with Danville economic development.

City economic officials say for start up businesses especially, tax credits aren't as useful as cash grants.

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