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The latest on the Key Bridge collapse, New York puts forth legislation to get clean energy projects on the grid and Wisconsin and other states join a federal summer food program to help feed kids across the country.

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Republicans float conspiracy theories on the collapse of Baltimore's Key Bridge, South Carolina's congressional elections will use a map ruled unconstitutional, and the Senate schedules an impeachment trial for Homeland Secretary Mayorkas.

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Report: Tax Breaks Cost VA $2.5 Billion a Year

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Monday, November 9, 2009   

RICHMOND, Va. - Tax breaks for lots of people are costing the state of Virginia a lot of money. A new report by The Commonwealth Institute finds more than 60 various tax exceptions, credits, and exclusions take 2.5 billion dollars out of the state's nest egg each year.

Michael Cassidy, the fiscal watchdog group's executive director, says these tax breaks get little to no oversight.

"Essentially, the General Assembly passes different provisions, they get baked into the tax code, they go on autopilot, and their performance and cost-effectiveness are almost never evaluated."

Cassidy says that, unlike for example public safety, education or health care programs, the tax breaks are not subject to the annual appropriations process. The Institute's report, "A Drop in the Bucket?" is being released today at the state capitol.

Cassidy says the Institute recommends regular reporting and review of the various tax provisions.

"Typically what happens when people debate the state budget is that they focus just on the spending side; how much is going out the door. These tax programs also affect the state budget, but they affect how much money is coming in."

Cassidy says the money lost each year is twice as much as the annual appropriations for the Virginia Community College System.

The report is at www.thecommonwealthinstitute.org


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