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)

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 2021, 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 $24 million. For both credits, the bill moves back the annual deadline for applications for the credit from July 1 to September 1. This bill is identical to SB 110. Read the Bill »

Outcome

History