Technology, Nanotechnology, and Biotechnology Investment Fund; created. (HB607)
Introduced By
Del. Bob Purkey (R-Virginia Beach)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
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 Innovation and Entrepreneurship Investment Authority shall administer this fund. View Full Text »
Comments
Finance, Technology - Funding