McAuliffe proposing lower corporate tax rate

(AP) – Virginia Gov. Terry McAuliffe wants to lower the tax rate for corporations, saying the move is necessary to make Virginia more competitive with other states.

McAuliffe made the comments Thursday at a Virginia legislative preview sponsored by The Associated Press.
    
The governor also wants to increase tax credits companies can claim for research and development expenses, particularly for larger companies.
    
Luring companies to relocate or expand in Virginia has been a top priority for McAuliffe, who will present a formal biennial budget to state lawmakers on Dec. 17. That budget will be a starting point for negotiations with the Republican-controlled General Assembly.
    
McAuliffe said the state’s recent healthy revenue collections will cover the costs of his proposed corporate tax cuts and credits.