Commonwealth Innovation Investment Fund; created. (SB579)

Introduced By

Sen. Mark Herring (D-Leesburg)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

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 2014, 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 2011, the baseline year. Read the Bill »

Status

02/08/2012: Failed to Pass in Committee

History

DateAction
01/18/2012Presented and ordered printed 12104189D
01/18/2012Referred to Committee on General Laws and Technology
01/28/2012Impact statement from TAX (SB579)
01/30/2012Reported from General Laws and Technology with amendments (15-Y 0-N) (see vote tally)
01/30/2012Rereferred to Finance
02/08/2012Passed by indefinitely in Finance (13-Y 2-N) (see vote tally)