Tracking Virginia’s General Assembly
since 2007.
HB125: Nanotechnology businesses; tax credit provided in form of equity or subordinated debt.
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
02/12/2008: Failed to Pass in Committee
Summary
Nanotechnology subordinated debt and equity investment tax credit. Provides a tax credit, beginning January 1, 2009, in an amount equal to 50% of the taxpayer's cash investments in the form of equity or subordinated debt in certain qualified nanotechnology businesses. A qualified business must be domiciled in the Commonwealth, be engaged in business primarily or do substantially all of its production in the Commonwealth, and primarily engaged in the research, development, or commercialization of nanotechnology with applications in (i) energy, conservation, and the environment, (ii) microelectronics, or (iii) lifespan biology and medicine. The credit shall not exceed the lesser of the tax imposed on the taxpayer for the taxable year in which the credit is sought or $50,000. Any unused credit may be carried over for 15 years. Total credits available for any calendar year shall be $15 million. If such investments are not held for at least three years, the taxpayer must forfeit used and unused credits, plus penalty, to the Department of Taxation.
View Full Text »Video
Votes were cast on this bill on the following dates for which Richmond Sunlight has video: 01/14/2008, 02/04/2008, 02/04/2008 and 02/12/2008.
Poll Results
1 vote
Tags
Bill Text
Related Bills
Status: Failed to Pass in Committee
Status: Failed to Pass in Committee
Status: Failed to Pass in Committee
Status: Failed to Pass in Committee
Status: signed by governor
