HB1092: Income tax, corporate; biotechnology investment tax credit.

Chief Patron

Del. Mark Sickles (D-43)

Mark Sickles (D-43)
Alexandria, VA
Served: 2004–

Progress

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

Status

01/15/2008: In Finance Committee

View Entire History

Summary

Virginia Biotechnology Investment Tax Credit.  Creates a research and development tax credit, not to exceed 50 percent of the tax liability due and not to exceed $500,000, for biotechnology companies in Virginia and permits the credit to be carried over for up to 10 years, for taxable years beginning on and after January 1, 2008. This tax credit, not to exceed 15 percent of the qualified investment, can be claimed for each of the five tax years beginning on and after January 1, 2008. In no event will more than $5 million in either of the credits be allowed annually.