Research and development tax credits; extends sunset date, aggregate caps. (HB748)

Introduced By

Del. Jay Jones (D-Norfolk) with support from 7 copatrons, whose average partisan position is:

Those copatrons are Del. Steve Heretick (D-Portsmouth), Del. Mark Keam (D-Vienna), Del. Kaye Kory (D-Falls Church), Del. Martha Mugler (D-Hampton, Del. Kathleen Murphy (D-McLean), Del. David Reid (D-Loudoun), Del. Don Scott (D-Portsmouth)

Progress

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

Description

Research and development tax credits; sunset; aggregate caps. Extends the sunset date for both the research and development expenses tax credit and the major research and development expenses tax credit from January 1, 2022, to January 1, 2025. Beginning with taxable year 2020, the bill increases the aggregate cap of the research and development expenses tax credit from $7 million to $7.77 million and increases the aggregate cap of the major research and development expenses tax credit from $20 million to $22 million. For both credits, the bill moves back the annual deadline for applications for the credit from July 1 to September 1. Read the Bill »

Status

02/12/2020: In Committee

History

DateAction
01/07/2020Prefiled and ordered printed; offered 01/08/20 20101348D
01/07/2020Referred to Committee on Finance
01/25/2020Impact statement from TAX (HB748)
01/29/2020Assigned Finance sub: Subcommittee #1
02/03/2020House subcommittee amendments and substitutes offered
02/03/2020Subcommittee recommends reporting with amendments (10-Y 0-N)
02/03/2020Subcommittee recommends referring to Committee on Appropriations
02/05/2020Reported from Finance with amendments (18-Y 4-N) (see vote tally)
02/05/2020Referred to Committee on Appropriations
02/06/2020Assigned App. sub: Commerce Agriculture & Natural Resources
02/07/2020Subcommittee recommends reporting (8-Y 0-N)
02/07/2020Reported from Appropriations (22-Y 0-N) (see vote tally)
02/09/2020Read first time
02/10/2020Read second time
02/10/2020Committee amendments agreed to
02/10/2020Engrossed by House as amended HB748E
02/10/2020Printed as engrossed 20101348D-E
02/11/2020Read third time and passed House (91-Y 8-N)
02/11/2020VOTE: Passage (91-Y 8-N) (see vote tally)
02/12/2020Constitutional reading dispensed
02/12/2020Referred to Committee on Finance and Appropriations
02/17/2020Impact statement from TAX (HB748E)

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