Research and development expenses; tax credit available against the bank franchise tax. (HB1916)

Introduced By

Del. Martha Mugler (D-Hampton with support from co-patron Del. Hala Ayala (D-Woodbridge)

Progress

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

Description

Research and development tax credits. Provides that the research and development expenses tax credit and the major research and development expenses tax credit shall be available against the bank franchise tax for taxable years beginning on and after January 1, 2021. Under current law, the credits are available only against the individual and corporate income tax. Read the Bill »

Status

01/20/2021: passed committee

History

Date	Action
01/10/2021	Committee
01/10/2021	Prefiled and ordered printed; offered 01/13/21 21101909D
01/10/2021	Referred to Committee on Finance
01/14/2021	Impact statement from TAX (HB1916)
01/16/2021	Assigned Finance sub: Subcommittee #2
01/19/2021	Subcommittee recommends reporting (11-Y 0-N)
01/20/2021	Reported from Finance (22-Y 0-N) (see vote tally)
01/21/2021	Read first time
01/22/2021	Read second time and engrossed