Virginia Major Employer Research Performance Grant Program; created. (HB999)

Introduced By

Del. Barbara Comstock (R-McLean)

Progress

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

Description

Virginia Major Employer Research Performance Grant Program. Creates a performance grant program for research and development expenditures conducted in the Commonwealth by major employers. The bill provides that research and development expenditures means "qualified research" as defined in 41(d) of the Internal Revenue Code, which is research and development that is technological in nature and intended to be useful in the development of a new or improved business component of the entity conducting the research and development. The performance grant would equal 10 percent of the first $15 million in research and development expenditures conducted in the Commonwealth by an entity that during the year (i) incurred at least $3.5 million in Virginia research and development expenditures, (ii) employed at least 1,000 full-time positions in the Commonwealth, and (iii) realized at least $500 million in gross receipts or gross revenues related to business activity performed in the Commonwealth. The bill also would require any major employer receiving a performance grant to incur research and development expenditures in the Commonwealth during the calendar year immediately following the year for which the grant was awarded in an amount at least equal to 200 percent of the performance grant amount. Any major employer failing to incur the required amount of expenditures would be required to repay a portion of the performance grant awarded. The performance grant program would be administered by the Secretary of Commerce and Trade. The performance grant program would expire on January 1, 2019. Read the Bill »

Status

01/15/2014: Failed to Pass in Committee

History

DateAction
01/08/2014Committee
01/08/2014Prefiled and ordered printed; offered 01/08/14 14102627D
01/08/2014Referred to Committee on Appropriations
01/10/2014Assigned App. sub: Agriculture, Commerce, Technology and Natural Resources
01/15/2014Passed by indefinitely in Appropriations