Nanotechnology businesses; tax credit provided in form of equity or subordinated debt. (HB125)

Introduced By

Del. Bob Purkey (R-Virginia Beach) with support from co-patrons Del. Frank Hall (D-Richmond), and Del. Brian Moran (D-Alexandria)

Progress

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

Description

Nanotechnology subordinated debt and equity investment tax credit. Provides a tax credit, beginning January 1, 2009, in an amount equal to 50% of the taxpayer's cash investments in the form of equity or subordinated debt in certain qualified nanotechnology businesses. A qualified business must be domiciled in the Commonwealth, be engaged in business primarily or do substantially all of its production in the Commonwealth, and primarily engaged in the research, development, or commercialization of nanotechnology with applications in (i) energy, conservation, and the environment, (ii) microelectronics, or (iii) lifespan biology and medicine. The credit shall not exceed the lesser of the tax imposed on the taxpayer for the taxable year in which the credit is sought or $50,000. Any unused credit may be carried over for 15 years. Total credits available for any calendar year shall be $15 million. If such investments are not held for at least three years, the taxpayer must forfeit used and unused credits, plus penalty, to the Department of Taxation. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/20/2007Committee
12/20/2007Prefiled and ordered printed; offered 01/09/08 085652868
12/20/2007Referred to Committee on Finance
01/12/2008Impact statement from TAX (HB125)
01/14/2008Impact statement from TAX (HB125)
01/15/2008Assigned Finance sub: 3
02/04/2008Committee substitute printed 081923692-H1
02/04/2008Reported from Finance with substitute (21-Y 0-N) (see vote tally)
02/04/2008Referred to Committee on Appropriations
02/12/2008Left in Appropriations