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2011 SESSION

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HB 1447 Income tax, state; research and development expenses tax credit.

Introduced by: Benjamin L. Cline | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

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, 2011, but before January 1, 2016. The tax credit amounts are (i) 15 percent of the first $167,000 in Virginia qualified research and development expenses, or (ii) 20 percent of the first $175,000 of 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.  Incorporates HB 2325.


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