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2008 SESSION
HB 125 Nanotechnology businesses; tax credit provided in form of equity or subordinated debt.
Introduced by: Harry R. Purkey | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Nanotechnology subordinated debt and equity investment tax credit. Provides a tax credit, beginning January 1, 2009, in an amount equal to 50% of the taxpayer's cash investments in the form of equity or subordinated debt in certain qualified nanotechnology businesses. A qualified business must be domiciled in the Commonwealth, be engaged in business primarily or do substantially all of its production in the Commonwealth, and primarily engaged in the research, development, or commercialization of nanotechnology with applications in (i) energy, conservation, and the environment, (ii) microelectronics, or (iii) lifespan biology and medicine. The credit shall not exceed the lesser of the tax imposed on the taxpayer for the taxable year in which the credit is sought or $50,000. Any unused credit may be carried over for 15 years. Total credits available for any calendar year shall be $15 million. If such investments are not held for at least three years, the taxpayer must forfeit used and unused credits, plus penalty, to the Department of Taxation. Includes HB 1092 and HB 1194.
FULL TEXT
- 12/20/07 House: Prefiled and ordered printed; offered 01/09/08 085652868 pdf | impact statement
- 02/04/08 House: Committee substitute printed 081923692-H1 pdf
HISTORY
- 12/20/07 House: Prefiled and ordered printed; offered 01/09/08 085652868
- 12/20/07 House: Referred to Committee on Finance
- 01/15/08 House: Assigned Finance sub: 3
- 02/04/08 House: Committee substitute printed 081923692-H1
- 02/04/08 House: Reported from Finance with substitute (21-Y 0-N)
- 02/04/08 House: Referred to Committee on Appropriations
- 02/12/08 House: Left in Appropriations