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

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