Some of the commonwealth's most powerful politicos from both the Democratic Party and the GOP joined together to author an op-ed supporting Congressional legislation that would rework part of the nations tax code to encourage private investment in updating public schools.
The piece, which ran on Politico, was authored by U.S. Sens. Mark Warner and Jim Webb, who are both Democrats, House Majority Leader Eric Cantor, R-Richmond, Republican Gov. Bob McDonnell, and Former Govs. George Allen, Republican, and Tim Kaine, Democrat.
These heavy hitters are urging COngress to pass legislation that would make private industry eligible for a federal rehabilitation tax credit if they modernize older public school buildings.
The credit, which is already available for private investors if they revitalize historic buildings, would give a tax credit for up to 20 percent of construction costs. The problem, the authors say is that because public school buildings are tax-exempt, they don't normally qualify.
"The national interest — not to mention the best interests of parents, children and teachers — is not served by allowing obscure provisions of current law to cost jobs and opportunities for students and private investors. This is a bipartisan jobs bill that could help make America more competitive while also expanding our economy. We hope our colleagues and the White House agree," they wrote.
Both Kaine and Allen are seeking their respective partys' nominations to fill the U.S. Senate seat held by Webb, who is not running for reelection. The two former governors are scheduled to debate each other Dec. 7 in Richmond.
"The Rehabilitation of Historic Schools Act of 2011" was introduced in the U.S. Senate last month by Webb and is being cosponsored by Warner.
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