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Article: Virginia Legislators Scale Back Scope of Philip Morris Tax Cut.
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- March 4, 2004
CopyrightCOPYRIGHT 2004 The Virginian-Pilot. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Christina Nuckols
Mar. 4--RICHMOND, Va. -- A tax break for Philip Morris USA ran into trouble Tuesday after members of the House of Delegates raised concerns that the tobacco giant could claim the credit even if it cuts jobs in Virginia.
Under the Senate proposal, Philip Morris could receive a tax credit of up to $6 million annually. The company would earn some of that money, even if it reduces its exports by nearly 50 percent.
The House voted 51-47 to return the bill, SB537, to a committee for study over the next year.
State senators likely will try to revive the tax preference as they negotiate with House leaders on a ...