Revenue that Virginia officials were anticipating from online sales tax legislation in Congress is now in doubt.
Recently the U-S Senate overwhelmingly approved a measure to make it easier for states to collect sales taxes from online purchases. Since then lobbyists for big online retailers and small business owners alike have stormed House office buildings trying to sway your local representatives.
The reason for the intense lobbying effort is that billions of dollars are at stake. Virginia officials expect to reap more than $250-million from online sales tax revenue.
Roanoke College is out with a new poll detailing how Virginians view their financial situation and general business conditions now and in the future.
It’s the second time this year the Institute for Policy and Opinion Research at Roanoke College conducted its consumer sentiment survey, and Senior Analyst Alice Kassens says there were some surprises.
State revenues improved a little last month following a dismal drop of 6.1% in March. The news reassured members of the House Appropriations Committee, who worry that federal sequestration cuts could have a negative impact on both Virginia’s economy and the state's coffers.
While other states with a high military presence brace for the effects of sequestration, Virginia leaders are preparing for a double whammy with the possibility of another Base Realignment and Closure of key facilities.