Research and development expenses; tax credit available against the bank franchise tax. (SB1112)

Introduced By

Sen. Mamie Locke (D-Hampton) with support from co-patron Sen. Louise Lucas (D-Portsmouth)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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. This bill is identical to HB 1916. Read the Bill »


03/11/2021: signed by governor


12/15/2020Prefiled and ordered printed; offered 01/13/21 21101371D
12/15/2020Referred to Committee on Finance and Appropriations
01/18/2021Impact statement from TAX (SB1112)
01/20/2021Senate committee, floor amendments and substitutes offered
01/20/2021Reported from Finance and Appropriations with amendments (15-Y 0-N) (see vote tally)
01/21/2021Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/22/2021Read second time
01/22/2021Reading of amendments waived
01/22/2021Committee amendments agreed to
01/22/2021Engrossed by Senate as amended SB1112E
01/22/2021Printed as engrossed 21101371D-E
01/25/2021Read third time and passed Senate (39-Y 0-N) (see vote tally)
02/02/2021Placed on Calendar
02/02/2021Read first time
02/02/2021Referred to Committee on Finance
02/08/2021Continued to Special Session 1 in Finance
02/09/2021Impact statement from TAX (SB1112E)
02/10/2021Reported from Finance (21-Y 0-N) (see vote tally)
02/12/2021Read second time
02/15/2021Read third time
02/15/2021Passed House BLOCK VOTE (100-Y 0-N)
02/15/2021VOTE: Block Vote Passage (100-Y 0-N) (see vote tally)
02/17/2021Bill text as passed Senate and House (SB1112ER)
02/17/2021Signed by President
02/18/2021Signed by Speaker
02/22/2021Enrolled Bill Communicated to Governor on February 22, 2021
02/22/2021G Governor's Action Deadline 11:59 p.m., March 31, 2021
03/01/2021Impact statement from TAX (SB1112ER)
03/11/2021G Approved by Governor-Chapter 48 (effective 7/1/21)
03/11/2021G Acts of Assembly Chapter text (CHAP0048)

Duplicate Bills

The following bills are identical to this one: HB1916.