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2008 SESSION

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HB 1092 Income tax, corporate; biotechnology investment tax credit.

Introduced by: Mark D. Sickles | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Biotechnology Investment Tax Credit.  Creates a research and development tax credit, not to exceed 50 percent of the tax liability due and not to exceed $500,000, for biotechnology companies in Virginia and permits the credit to be carried over for up to 10 years, for taxable years beginning on and after January 1, 2008. This tax credit, not to exceed 15 percent of the qualified investment, can be claimed for each of the five tax years beginning on and after January 1, 2008. In no event will more than $5 million in either of the credits be allowed annually.  This bill was incorporated into HB 125.

FULL TEXT

• 01/09/08  House: Prefiled and ordered printed; offered 01/09/08 085933736  pdf | impact statement

HISTORY

• 01/09/08  House: Prefiled and ordered printed; offered 01/09/08 085933736
• 01/09/08  House: Referred to Committee on Finance
• 01/15/08  House: Assigned Finance sub: 3
• 02/04/08  House: Incorporated by Finance (HB125-Purkey) by voice vote