SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2001 SESSION

  • | print version

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