Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, January 21, 1992 TAG: 9201210130
SECTION: VIRGINIA PAGE: B1 EDITION: NEW RIVER VALLEY
SOURCE: Staff and wire reports
DATELINE: RICHMOND LENGTH: Medium
BEYER PRESENTS HIS OWN PROPOSALS TO JOLT ECONOMY
Lt. Gov. Donald Beyer unveiled a package of economic recovery proposals Monday that he said would generate more than enough money to cover their initial $80 million cost.The package, including economic development strategies, tax exemptions and credits for savers and corporations, and the creation of several new commissions to address issues of poverty and sexual assault, contrasts sharply with that of Gov. Douglas Wilder.
Wilder is trying to close a $567 million gap in the proposed $28 billion, 1992-94 budget by cutting programs and taxing health-care providers. He has proposed no general tax increase, although some legislators argue that the health care taxes would be passed on to consumers.
Beyer told reporters Monday that his legislative agenda would attack the state's budget woes by stimulating the economy. But a Wilder administration official already has circulated a memo arguing that the plan could cost state government $100 million in tax revenue during the 1992-94 budget cycle.
Among the 20 proposals:
A tax exemption for savers and a corporate investment tax credit. The first $250 interest on personal savings accounts would be tax exempt, and businesses could earn tax credits ranging from $3,750 this year to $30,000 in 1995. The cost for the first two years is estimated at $60 million.
Creation of three new technology centers through the Center for Innovative Technology inNorthern Virginia. One, the Virginia Technology Center for Applied Light Source and Materials Research at Hampton Roads, would use facilities at CEBAF, NASA Langley and a consortium of Virginia universities. Wilder has proposed to eliminate aid to CIT by 1994.
Formation of a Virginia Enterprise Extension Service to bring management training, technology transfer and production innovation to small and medium-sized businesses.
Increase support for the Virginia Housing Development Authority to help low-income home buyers.
Create a new export databank and increase money for the export loan guarantee program to provide more help to Virginia businesses interested in exporting their products to overseas markets.
The proposals stemmed from the work of three panels headed by the lieutenant governor.
"This is not my agenda, but the collective wisdom and mandate to action of thousands of Virginians I have listened to and talked with in the past two years," Beyer said.
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GENERAL ASSEMBLY
Memo: shorter version ran in Metro edition.