Early Briefing: Va. Homestead Exemption May Not Happen

*After lobbying by Virginia's business community, a proposal in the state's legislature that would let local governments give homeowners a break of as much as 20 percent on their real estate assessments may not happen. The homestead exemption would shift the tax buden from homeowners to owners of commercial and industrial properties. See story

*FBR Capital Markets said it's going to lay off about 75 employees, or 10 percent of its workforce, "in response to adverse market conditions." But the Arlington firm said its finances are still strong. See story

*Discovery Communications has hired former AOL advertising executive Kathleen Kayse to run the Silver Spring cable giant's digital ad sales operation. See story

*ComScore of Reston adjusted its first-quarter and full-year earnings forecast to clear up confusion over its earlier guidance. The new forecast excludes an additional income tax provision for 2008 stemming from a valuation allowance reversal. ComScore now projects adjusted earnings of 14 to 17 cents per share for the first quarter, and full-year adjusted earnings of 76 to 80 cents per share.
Late Thursday, ComScore had projected adjusted earnings of 10 to 11 cents per share for the quarter and 55 to 58 cents per share for 2008.

*MaxJet Airways, the all-business-class carrier that filed for bankruptcy protection in December, plans to auction its assets this month even as it explores ways to emerge from Chapter 11.
The U.S. Bankruptcy Court approved bidding procedures for the airline to auction assets, which include aircraft and operating certificates, the Dulles company said. If an auction is held, the proceeds will go to creditors and won't be used to compensate shareholders, the carrier said.

By Terri Rupar  |  February 9, 2008; 5:00 AM ET  | Category:  Morning Brief
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Comments

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Even with the homestead exemption, Virginia's business community would just pass on the increases to its customers.

Many people fail to remember that business doesn't really pay any taxes, its customers pay.

Posted by: Michael1945 | February 9, 2008 1:48 PM

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