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