Science and technology development and commercialization; promotion thereof in State. (SB1338)

Introduced By

Sen. Mark Herring (D-Leesburg)

Description

Promotion of science and technology-based research, development, and commercialization in the Commonwealth. Makes several changes to the Code of Virginia to encourage research, development, and commercialization of advancements in science and technology in the Commonwealth. First, the bill would require the Virginia Economic Development Partnership to promote biosciences-related research and industry in the Commonwealth in order to stay competitive with similar efforts in neighboring states. Second, the bill changes the existing Commonwealth Technology Research Fund to the Commonwealth Research Commercialization Fund to better focus the moneys available under this program to key areas of research and development in the Commonwealth, to emphasize the importance of commercialization of research and development through matching-funds programs and the leveraging of private and federal funds for commercialization activities, and to provide a loan program for the construction of facilities utilized in commercializing qualified research. Finally, the bill amends the existing qualified equity and subordinated debt investment tax credit to limit its applicability only to companies engaged in science and technology-related businesses, and to encourage investment in companies focused on commercializing research developed at universities. This bill is a recommendation of the Joint Subcommittee Studying Biosciences and Biotechnology in the Commonwealth (HJR 248). Amends § 2.2-2233.1 (“Commonwealth Research Commercialization Fund; continued; purposes; report.”), § 2.2-2238 (“Economic development services.”), § 58.1-339.4 (“Qualified equity and subordinated debt investments tax credit.”), of the Code of Virginia. View Full Text »

Outcome

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