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2001 SESSION
HB 421 Technology and Biotechnology Investment Act; created.
Introduced by: Harry R. (Bob) Purkey | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Virginia Technology and Biotechnology Investment Act created. Creates a research and development tax credit, not to exceed 50 percent of the tax liability due, not to exceed $500,000, for "technology" and "biotechnology" companies in Virginia and permits the credit to be carried over for up to 10 years. The bill also creates a tax credit for individual taxpayers, estates, trusts, partnerships, and corporations that invest in technology or biotechnology companies. This tax credit, not to exceed 50 percent of the tax liability due and not to exceed $500,000, can be claimed for each of the five tax years beginning on and after January 1, 2000. In addition, any unused tax credits can be carried over, in most circumstances, for up to 10 years. The bill permits technology or biotechnology companies to carry over net operating losses for up to 10 years. The bill creates a "corporation tax benefit certificate program" to be administered by the Innovative Technology Authority in cooperation with the Tax Department. Under the program, technology or biotechnology companies may transfer their unused but otherwise allowable research and development tax credits or net operating loss carry-overs for a minimum of 75 cents on the dollar to another corporation taxpayer provided neither is an affiliate or a subsidiary of the other. The proceeds from the transfer can be used for a broad range of "costs" associated with operating a technology or biotechnology company. This bill is a recommendation of the Joint Commission on Technology and Science.
FULL TEXT
- 01/14/00 House: Presented & ordered printed 002182264 pdf
- 02/15/00 House: Committee substitute printed 002851896-H1 pdf
- 02/17/00 House: Printed as engrossed 002851896-EH1 pdf
AMENDMENTS
HISTORY
- 01/14/00 House: Presented & ordered printed 002182264
- 01/14/00 House: Referred to Committee on Finance
- 01/18/00 House: Assigned to Finance sub-committee: 2
- 02/15/00 House: Reported from Finance with sub (20-Y 3-N)
- 02/15/00 House: Committee substitute printed 002851896-H1
- 02/16/00 House: Read first time
- 02/17/00 House: Read second time
- 02/17/00 House: Committee substitute agreed to 002851896-H1
- 02/17/00 House: Amendment by Del. Parrish agreed to
- 02/17/00 House: Engrossed by House - committee sub. w/amd. 002851896-EH1
- 02/17/00 House: Printed as engrossed 002851896-EH1
- 02/18/00 House: Read third time and passed House (89-Y 7-N)
- 02/18/00 House: VOTE: PASSAGE (89-Y 7-N)
- 02/18/00 House: Communicated to Senate
- 02/21/00 Senate: Constitutional reading dispensed
- 02/21/00 Senate: Referred to Committee on Finance
- 02/29/00 Senate: Continued to 2001 in Finance (14-Y 2-N)
- 12/21/00 Senate: Left in Finance