Income tax, state; research and development expenses tax credit. (SB1326)

Introduced By

Sen. Mark Herring (D-Leesburg)

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 (i) 15% of the Virginia qualified research and development expenses, or (ii) 20% of the Virginia qualified research and development expenses, if the research was conducted in conjunction with a Virginia public college and university. The Tax Department shall develop policies and procedures for the application process for the tax credits. There is a $10 million cap on the total amount of credits allowed in any taxable year. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2011Prefiled and ordered printed; offered 01/12/11 11101488D
01/12/2011Referred to Committee on Finance
01/24/2011Impact statement from TAX (SB1326)
01/25/2011Committee substitute printed 11104591D-S1
01/25/2011Reported from Finance with substitute (13-Y 1-N) (see vote tally)
01/26/2011Constitutional reading dispensed (38-Y 0-N) (see vote tally)
01/27/2011Read second time
01/27/2011Reading of substitute waived
01/27/2011Committee substitute agreed to 11104591D-S1
01/27/2011Engrossed by Senate - committee substitute SB1326S1
01/28/2011Passed by for the day
01/31/2011Read third time and passed Senate (38-Y 1-N) (see vote tally)
02/07/2011Placed on Calendar
02/07/2011Read first time
02/07/2011Referred to Committee on Finance
02/08/2011Assigned Finance sub: #3
02/10/2011Assigned Finance sub: #3
02/10/2011Impact statement from TAX (SB1326S1)
02/14/2011Reported from Finance with substitute (18-Y 4-N) (see vote tally)
02/14/2011Committee substitute printed 11105353D-H1
02/15/2011Read second time
02/16/2011Read third time
02/16/2011Committee substitute agreed to (60-Y 37-N)
02/16/2011VOTE: ADOPTION (60-Y 37-N) (see vote tally)
02/16/2011Engrossed by House - committee substitute SB1326H1
02/16/2011Passed House with substitute (72-Y 25-N)
02/16/2011VOTE: PASSAGE (72-Y 25-N) (see vote tally)
02/16/2011House substitute rejected by Senate (3-Y 37-N) (see vote tally)
02/16/2011House insisted on substitute
02/16/2011House requested conference committee
02/16/2011Senate acceded to request (37-Y 0-N) (see vote tally)
02/16/2011Conferees appointed by Senate
02/16/2011Senators: Herring, Saslaw, Watkins
02/16/2011Conferees appointed by House
02/16/2011Delegates: Cline, Landes, Lewis
02/21/2011Conference substitute printed 11105520D-S2
02/21/2011Conference report agreed to by Senate (38-Y 0-N) (see vote tally)
02/21/2011Conference report agreed to by House (89-Y 10-N)
02/21/2011VOTE: ADOPTION (89-Y 10-N) (see vote tally)
02/25/2011Enrolled
02/25/2011Bill text as passed Senate and House (SB1326ER)
02/25/2011Signed by Speaker
02/25/2011Signed by President
03/21/2011Impact statement from TAX (SB1326ER)
03/28/2011G Approved by Governor-Chapter 745 (effective 7/1/11)
03/28/2011G Acts of Assembly Chapter text (CHAP0745)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 5 clips in all, totaling 12 minutes.

Duplicate Bills

The following bills are identical to this one: HB1447.