VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

2001 SESSION

• | print version

HB 2542 Corporate income tax; tax benefit certificate program.

Introduced by: Jay K. Katzen | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Corporate income tax; tax benefit certificate program. Creates a process that allows technology and biotechnology companies that are unable to use their income tax credits to their benefit to sell the credits to other corporate taxpayers who can use the credits to reduce their tax liability. An amount equal to at least 75 percent of the value of the surrendered tax benefit is to be paid by the corporation taxpayer that is the recipient of the corporation tax benefit certificate to the technology and biotechnology company surrendering the benefit. The Innovative Technology Authority will establish the program and will approve, with the Department of Taxation's assistance, applications from companies who want to participate.

FULL TEXT

• 01/10/01  House: Presented & ordered printed, prefiled 01/10/01 011333808  pdf | impact statement

HISTORY

• 01/10/01  House: Presented & ordered printed, prefiled 01/10/01 011333808
• 01/10/01  House: Referred to Committee on Finance
• 01/18/01  House: Assigned to Finance sub-committee: 1
• 01/31/01  House: Stricken at request of Patron in Finance (23-Y 0-N)