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2011 SESSION

• | print version

HB 2325 Income tax, state; research and development expenses tax credit.

Introduced by: L. Scott Lingamfelter | all patrons    ...    notes | add to my profiles

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 3% of the Virginia qualified research and development expenses, not exceeding the Virginia base amount and 10% of the amount by which the Virginia qualified research and development expenses exceed the Virginia base amount. The Virginia Economic Development Partnership shall develop policies and procedures for the application process for the tax credits. There is a $6 million cap on the total amount of credits allowed in any taxable year.

FULL TEXT

• 01/12/11  House: Prefiled and ordered printed; offered 01/12/11 11100149D  pdf | impact statement

HISTORY

• 01/12/11  House: Prefiled and ordered printed; offered 01/12/11 11100149D
• 01/12/11  House: Referred to Committee on Finance
• 01/19/11  House: Assigned Finance sub: #3
• 01/28/11  House: Subcommittee recommends incorporating (HB1447-Cline) by voice vote
• 02/02/11  House: Incorporated by Finance (HB1447-Cline) by voice vote