Income tax, state; research and development expenses tax credit. (HB2325)

Introduced By

Del. Scott Lingamfelter (R-Woodbridge)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
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

DateAction
01/12/2011Committee
01/12/2011Prefiled and ordered printed; offered 01/12/11 11100149D
01/12/2011Referred to Committee on Finance
01/19/2011Assigned Finance sub: #3
01/27/2011Impact statement from TAX (HB2325)
01/28/2011Subcommittee recommends incorporating (HB1447-Cline)
02/02/2011Incorporated by Finance (HB1447-Cline)

Comments

stephen writes:

I think anyone that qualified should also sign a contract saying they will use these tax credits strickly for virginia made goods and supplies.