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2011 SESSION

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SB 1440 Commonwealth Innovation Investment Fund; created, report.

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

SUMMARY AS INTRODUCED:

Research and technology funding; Commonwealth Innovation Investment Fund.  Creates the Commonwealth Innovation Investment Fund. The Fund will be administered by the Innovation and Entrepreneurship Investment Authority to create, attract, retain, expand, and enhance technology research, innovation, and economic development in the Commonwealth. Beginning in 2013, the Fund will receive a portion of the income taxes withheld by science and innovation companies that employ persons in the Commonwealth. The percentage of the withheld taxes allocated to the Fund will be based on a percentage of the difference between the current year's withheld taxes and the amount withheld in 2012, the baseline year.


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