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2000 SESSION
HB 400 Tax credit for investing in a small technology business.
Introduced by: William W. (Ted) Bennett, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Tax credit for investing in a small technology business. Creates a state tax credit for individuals, partnerships, and corporations that invest in small technology businesses. A small technology business is defined as a private business which (i) is engaged in research and development or commercialization of information technology or biotechnology, (ii) has 10 or fewer full-time employees, and (iii) is engaged in business in the Commonwealth. An individual taxpayer is allowed a credit in the amount equal to 25 percent of the investment, not to exceed $50,000. A partnership or a corporation is allowed a credit in the amount equal to 25 percent of the investment, not to exceed $100,000. The Secretary of Technology and the Tax Commissioner are given authority to promulgate regulations governing the credit. The provisions of the bill are applicable to small technology businesses located in localities that have average unemployment rates for the most recent calendar year that are 150 percent higher than the final statewide average unemployment rate for the most recent calendar year. This bill is a recommendation of the Joint Commission on Technology and Science.
SUMMARY AS INTRODUCED:
Tax credit for investing in a small technology business. Creates a state tax credit for individuals, partnerships, and corporations that invest in small technology businesses. A small technology business is defined as a private business which (i) is engaged in research and development or commercialization of information technology or biotechnology, (ii) has 10 or fewer full-time employees, and (iii) is engaged in business in the Commonwealth. An individual taxpayer is allowed a credit in the amount equal to 25 percent of the investment, not to exceed $50,000. A partnership or a corporation is allowed a credit in the amount equal to 25 percent of the investment, not to exceed $100,000. The Secretary of Technology and the Tax Commissioner are given authority to promulgate regulations governing the credit. This bill is a recommendation of the Joint Commission on Technology and Science.