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2014 SESSION

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HB 999 Virginia Major Employer Research Performance Grant Program; created.

Introduced by: Barbara J. Comstock | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Major Employer Research Performance Grant Program. Creates a performance grant program for research and development expenditures conducted in the Commonwealth by major employers. The bill provides that research and development expenditures means "qualified research" as defined in § 41(d) of the Internal Revenue Code, which is research and development that is technological in nature and intended to be useful in the development of a new or improved business component of the entity conducting the research and development. The performance grant would equal 10 percent of the first $15 million in research and development expenditures conducted in the Commonwealth by an entity that during the year (i) incurred at least $3.5 million in Virginia research and development expenditures, (ii) employed at least 1,000 full-time positions in the Commonwealth, and (iii) realized at least $500 million in gross receipts or gross revenues related to business activity performed in the Commonwealth. The bill also would require any major employer receiving a performance grant to incur research and development expenditures in the Commonwealth during the calendar year immediately following the year for which the grant was awarded in an amount at least equal to 200 percent of the performance grant amount. Any major employer failing to incur the required amount of expenditures would be required to repay a portion of the performance grant awarded. The performance grant program would be administered by the Secretary of Commerce and Trade. The performance grant program would expire on January 1, 2019.


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