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