Research and development, qualified; increases amount of tax credit for expenses. (SB623)

Introduced By

Sen. Ryan McDougle (R-Mechanicsville)

Progress

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

Description

Research and development expenses tax credit. Increases beginning with taxable year 2014 the amount of the credit allowed from 15 percent of the first $167,000 to 15 percent of the first $234,000 of Virginia qualified research and development expenses, and from 20 percent of the first $175,000 to 20 percent of the first $234,000 of Virginia qualified research and development expenses conducted in conjunction with a Virginia institution of higher education. The bill increases the maximum annual amount of tax credits that may be issued each fiscal year from $5 million to $10 million. The bill allows a pass-through entity to elect to receive and claim any credit at the pass-through entity level in lieu of the credit being allocated to the individual partners, members, or shareholders of the pass-through entity. Finally, the bill requires any taxpayer applying for the credit to provide information to the Department of Taxation relating to the number of full-time employees of the taxpayer; the taxpayer's industry sector; the area, discipline, or field of Virginia qualified research performed by the taxpayer; the taxpayer's total gross receipts for the relevant taxable year; and whether the qualified research was performed in conjunction with a Virginia institution of higher education. Amends § 58.1-439.12:08, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/16/2014Presented and ordered printed 14103946D
01/16/2014Referred to Committee on Finance
01/28/2014Impact statement from TAX (SB623)
02/11/2014Reported from Finance with substitute (17-Y 0-N) (see vote tally)
02/11/2014Committee substitute printed 14104963D-S1
02/12/2014Read first time
02/13/2014Constitutional reading dispensed
02/13/2014Committee substitute agreed to 14104963D-S1
02/13/2014Engrossed by Senate - committee substitute SB623S1
02/14/2014Read third time and passed Senate (37-Y 0-N)
02/17/2014Placed on Calendar
02/17/2014Read first time
02/17/2014Referred to Committee on Finance
02/21/2014Impact statement from TAX (SB623S1)
02/24/2014Reported from Finance (21-Y 0-N) (see vote tally)
02/25/2014Read second time
02/26/2014Read third time
02/26/2014Passed House BLOCK VOTE (100-Y 0-N)
02/26/2014VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (see vote tally)
02/28/2014Enrolled
02/28/2014Bill text as passed Senate and House (SB623ER)
03/03/2014Signed by Speaker
03/03/2014Signed by President
03/06/2014Impact statement from TAX (SB623ER)
03/24/2014G Approved by Governor-Chapter 306 (effective -see bill)
03/24/2014G Acts of Assembly Chapter text (CHAP0306)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 1 minute.