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

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

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