HB1939: Technology, Nanotechnology and Biotechnology Investment Fund; created.

Chief Patron

Del. Harry Purkey (R-82)

Harry Purkey (R-82)
Virginia Beach, VA
Served: 1986–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

Bill is Dead

View Entire History

Summary

Virginia Technology and Biotechnology Research and Development Fund created.  Creates the Virginia Technology and Biotechnology Research and Development Fund to attract technology or biotechnology companies to, or assist those companies located in, the Commonwealth. Moneys in the Fund shall only be applied to qualified research expenses and basic research payments (as defined by § 41 of the Internal Revenue Code) for research conducted in the Commonwealth. Qualified research expenses are defined as in-house expenses or contract research expenses, paid by a technology or biotechnology company. Basic research payments are defined as payments made to companies and nonprofit research institutions and organizations located in the Commonwealth for research in technology and biotechnology. No grant to a company from the Fund is to exceed $500,000 per year. The Innovative Technology Authority shall administer this fund.