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withholding allowances, corporate depreciation, a self employment credit and a low income housing credit.
The initiatives are expected to raise $123 million in new revenue for the state. The tax breaks are planned to be reinstated in 1995, after the last fiscal year of the new biennial budget.
That proposal runs counter to a initiative proposed by Lt. Gov. Donald Beyer that would cut taxes for businesses in order to spur the state’s sagging economy.
The governor proposes to make up for this by adding new spending for housing and to establish a discretionary $5 million economic development fund to be used to attract business to Virginia. He also proposes to expand Virginia’s port facilities and to fund a commercial laser research project in Tidewater.
The remaining budget cuts will hit the pockets of most state residents as well as local governments. This year, each agency will be
Sm RICHMOND, p.A-6
87.8%