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2001 SESSION
HB 2467 Tax credit for investing in a small technology business.
Introduced by: William W. (Ted) Bennett, Jr. | all patrons ... notes | add to my profiles
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 for taxable years beginning on and after January 1, 2002. A small technology business is defined as a private business that (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.
FULL TEXT
HISTORY
- 01/10/01 House: Presented & ordered printed, prefiled 01/10/01 018113264
- 01/10/01 House: Referred to Committee on Finance
- 01/18/01 House: Assigned to Finance sub-committee: 1
- 01/31/01 House: Tabled in Finance (23-Y 0-N)