Technology, Nanotechnology and Biotechnology Investment Fund; created. (HB910)

Introduced By

Del. Bob Purkey (R-Virginia Beach)

Progress

Introduced
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 Innovative Technology Authority shall administer this fund. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/08/2008Committee
01/08/2008Prefiled and ordered printed; offered 01/09/08 088352692
01/08/2008Referred to Committee on General Laws
01/17/2008Impact statement from DPB (HB910)
01/17/2008Assigned GL sub: Professional/Occupational/Adminstrative Process
02/12/2008Left in General Laws

Comments

Richard Atkinson writes:

Virginia provides very modest support for the biotechnology industry compared to some other states, including Maryland, North Carolina, and even West Virginia. Biotech will be the industry of the 21st century, but is early capital intensive so support is needed to allow entrepreneurs to come to Virginia and thrive.