Research and development expenses tax credit; refundability. (HB1355)

Introduced By

Del. Peter Farrell (R-Henrico)

Progress

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

Description

Research and development expenses tax credit; refundability. Provides that any credit earned in excess of the taxpayer's income tax liability will not be refunded by the Tax Commissioner but may be carried forward to apply against the income taxes of the taxpayer in the seven taxable years that immediately follow the taxable year in which the credit was earned. The provisions of the bill are applicable for taxable year 2017 and taxable years thereafter. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/21/2016Committee
01/21/2016Presented and ordered printed 16104177D
01/21/2016Referred to Committee on Finance
02/01/2016Impact statement from TAX (HB1355)
02/04/2016Assigned to sub: Subcommittee #3
02/04/2016Assigned Finance sub: Subcommittee #3
02/05/2016Subcommittee recommends striking from docket
02/08/2016Stricken from docket by Finance