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2011 SESSION

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SB 1326 Income tax, state; research and development expenses tax credit.

Introduced by: Mark R. Herring | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Income tax; research and development expenses tax credit.  Allows income tax credits for individuals and businesses for qualified research and development expenses for taxable years beginning on or after January 1, 2012, but before January 1, 2017. The tax credit amounts are (i) 15 percent of the Virginia qualified research and development expenses, or (ii) 20 percent of the Virginia qualified research and development expenses, if the research was conducted in conjunction with a Virginia public or private college or university, to the extent the expenses exceed a base amount. The Tax Department shall develop policies and procedures for the application process for the tax credits. There is a $5 million cap on the total amount of credits allowed in any fiscal year.

SUMMARY AS PASSED SENATE:

Income tax; research and development expenses tax credit. Allows income tax credits for individuals and businesses for qualified research and development expenses for taxable years beginning on or after January 1, 2012, but before January 1, 2016. The tax credit amounts are (i) 15% of the first $167,000 of Virginia qualified research and development expenses, or (ii) 20% of the first $175,000 of Virginia qualified research and development expenses, if the research was conducted in conjunction with a Virginia public college and university. The Tax Department shall develop policies and procedures for the application process for the tax credits. There is a $5 million cap on the total amount of credits allowed in any taxable year.

SUMMARY AS INTRODUCED:

Income tax; research and development expenses tax credit. Allows income tax credits for individuals and businesses for qualified research and development expenses for taxable years beginning on or after January 1, 2012, but before January 1, 2017. The tax credit amounts are (i) 15% of the Virginia qualified research and development expenses, or (ii) 20% of the Virginia qualified research and development expenses, if the research was conducted in conjunction with a Virginia public college and university. The Tax Department shall develop policies and procedures for the application process for the tax credits. There is a $10 million cap on the total amount of credits allowed in any taxable year.