HB 400 Tax credit for investing in a small technology business.
William W. (Ted) Bennett, Jr. | all patrons    ...    notes
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Summary as passed House: (all summaries)
Tax credit for investing in a small technology business. Creates a state tax credit for individuals, partnerships, and corporations that invest in small technology businesses. A small technology business is defined as a private business which (i) is engaged in research and development or commercialization of information technology or biotechnology, (ii) has 10 or fewer full-time employees, and (iii) is engaged in business in the Commonwealth. An individual taxpayer is allowed a credit in the amount equal to 25 percent of the investment, not to exceed $50,000. A partnership or a corporation is allowed a credit in the amount equal to 25 percent of the investment, not to exceed $100,000. The Secretary of Technology and the Tax Commissioner are given authority to promulgate regulations governing the credit. The provisions of the bill are applicable to small technology businesses located in localities that have average unemployment rates for the most recent calendar year that are 150 percent higher than the final statewide average unemployment rate for the most recent calendar year. This bill is a recommendation of the Joint Commission on Technology and Science.

Full text:
01/13/00  House: Presented & ordered printed 002180264  pdf
02/15/00  House: Committee substitute printed 002839632-H1  pdf

Status:
01/13/00  House: Presented & ordered printed 002180264
01/13/00  House: Referred to Committee on Finance
01/18/00  House: Assigned to Finance sub-committee: 2
02/15/00  House: Reported from Finance with sub (22-Y 1-N)
02/15/00  House: Committee substitute printed 002839632-H1
02/16/00  House: Read first time
02/17/00  House: Read second time
02/17/00  House: Committee substitute agreed to 002839632-H1
02/17/00  House: Pending question ordered
02/17/00  House: Engrossed by House - com. sub. 002839632-H1
02/18/00  House: Read third time and passed House (92-Y 2-N 1-A)
02/18/00  House: VOTE: PASSAGE (92-Y 2-N 1-A)
02/18/00  House: Communicated to Senate
02/21/00  Senate: Constitutional reading dispensed
02/21/00  Senate: Referred to Committee on Finance
02/29/00  Senate: Continued to 2001 in Finance (14-Y 2-N)