Income tax, state; research and development expenses tax credit. (HB2325)
Introduced By
Del. Scott Lingamfelter (R-Woodbridge)
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
Income tax; research and development expenses tax credit. Allows income tax credits for individuals and businesses for qualified research and development expenses for taxable years beginning on or after January 1, 2012, but before January 1, 2017. The tax credit amounts are 3% of the Virginia qualified research and development expenses, not exceeding the Virginia base amount and 10% of the amount by which the Virginia qualified research and development expenses exceed the Virginia base amount. The Virginia Economic Development Partnership shall develop policies and procedures for the application process for the tax credits. There is a $6 million cap on the total amount of credits allowed in any taxable year. Read the Bill »
Status
02/02/2011: Merged into HB1447
History
Date | Action |
---|---|
01/12/2011 | Committee |
01/12/2011 | Prefiled and ordered printed; offered 01/12/11 11100149D |
01/12/2011 | Referred to Committee on Finance |
01/19/2011 | Assigned Finance sub: #3 |
01/27/2011 | Impact statement from TAX (HB2325) |
01/28/2011 | Subcommittee recommends incorporating (HB1447-Cline) |
02/02/2011 | Incorporated by Finance (HB1447-Cline) |
Comments
I think anyone that qualified should also sign a contract saying they will use these tax credits strickly for virginia made goods and supplies.