Thursday, July 24, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB910: 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 |
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Passed Senate |
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Signed by Governor |
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Became Law |
Status
02/12/2008: Failed to Pass in Committee
Summary
Technology, Nanotechnology and Biotechnology Investment Fund created. Creates the Technology, Nanotechnology and Biotechnology Investment 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.
View Full Text »Video
Votes were cast on this bill on the following dates for which Richmond Sunlight has video: 01/17/2008 and 02/12/2008.
Poll Results
1 vote
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Bill Text
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Comments
Virginia provides very modest support for the biotechnology industry compared to some other states, including Maryland, North Carolina, and even West Virginia. Biotech will be the industry of the 21st century, but is early capital intensive so support is needed to allow entrepreneurs to come to Virginia and thrive.