Commonwealth Innovation Investment Fund; created, report. (SB1440)

Introduced By

Sen. Mark Herring (D-Leesburg)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Research and technology funding; Commonwealth Innovation Investment Fund.  Creates the Commonwealth Innovation Investment Fund. The Fund will be administered by the Innovation and Entrepreneurship Investment Authority to create, attract, retain, expand, and enhance technology research, innovation, and economic development in the Commonwealth. Beginning in 2013, the Fund will receive a portion of the income taxes withheld by science and innovation companies that employ persons in the Commonwealth. The percentage of the withheld taxes allocated to the Fund will be based on a percentage of the difference between the current year's withheld taxes and the amount withheld in 2012, the baseline year. Read the Bill »


02/02/2011: Failed to Pass in Committee


01/21/2011Presented and ordered printed 11104213D
01/21/2011Referred to Committee on Finance
01/31/2011Impact statement from DPB (SB1440)
02/02/2011Passed by indefinitely in Finance with letter (9-Y 3-N 1-A) (see vote tally)
02/02/2011Letter sent to the Joint Legislative Audit and Review Commission