Manufacturing facility; expands definition to include those used in creation of intangible property. (SB252)
Introduced By
Sen. Roscoe Reynolds (D-Martinsville) with support from co-patron Sen. Frank Ruff (R-Clarksville)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Manufacturing facility. Expands the current definition of manufacturing facility to include (i) any facility which is used in the creation or production of intangible property as described in 197(d)(1)(C)(iii) of the Internal Revenue Code of 1986, as amended, to be any patent, copyright, formula, process, design, pattern, knowhow, format, or other similar item, or (ii) a facility which is functionally related and subordinate to a manufacturing facility if such facility is located on the same site as the manufacturing facility. This definition is being expanded so that Virginia Code is consistent with the Federal American Recovery and Reinvestment Act of 2009, Section 1301. Amends § 15.2-5000 (“Definitions.”), of the Code of Virginia. View Full Text »
