Income tax, corporate; higher education research and development tax credit. (HB3165)

Introduced By

Del. Brian Moran (D-Alexandria)

Progress

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

Description

Corporate income tax; higher education research and development tax credit. Allows corporations that invest in research and development programs in Virginia's institutions of higher education a tax credit in the amount of 20 percent of such investments, effective for taxable years beginning on or after January 1, 2008. The annual total credit per taxpayer is limited to $100,000, and the total amount of credits that may be granted annually by the Department of Taxation is $20 million. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/19/2007Committee
01/19/2007Presented and ordered printed 077135424
01/19/2007Referred to Committee on Finance
01/23/2007Impact statement from TAX (HB3165)