Technology, Nanotechnology and Biotechnology Investment Fund; created. (HB1939)

Introduced By

Del. Bob Purkey (R-Virginia Beach)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Virginia Technology and Biotechnology Research and Development Fund created. Creates the Virginia Technology and Biotechnology Research and Development 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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/05/2007Committee
01/05/2007Prefiled and ordered printed; offered 01/10/07 078918472
01/05/2007Referred to Committee on Science and Technology
01/12/2007Impact statement from DPB (HB1939)
01/15/2007Referred to Committee on Appropriations
01/22/2007Assigned App. sub: Higher Education (Morgan)