HB 421 Technology and Biotechnology Investment Act; created.
Harry R. (Bob) Purkey | all patrons    ...    notes
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Summary as passed House: (all summaries)
Virginia Technology and Biotechnology Investment Act created. Creates a research and development tax credit, not to exceed 50 percent of the tax liability due, not to exceed $500,000, for "technology" and "biotechnology" companies in Virginia and permits the credit to be carried over for up to 10 years. The bill also creates a tax credit for individual taxpayers, estates, trusts, partnerships, and corporations that invest in technology or biotechnology companies. This tax credit, not to exceed 50 percent of the tax liability due and not to exceed $500,000, can be claimed for each of the five tax years beginning on and after January 1, 2000. In addition, any unused tax credits can be carried over, in most circumstances, for up to 10 years. The bill permits technology or biotechnology companies to carry over net operating losses for up to 10 years. The bill creates a "corporation tax benefit certificate program" to be administered by the Innovative Technology Authority in cooperation with the Tax Department. Under the program, technology or biotechnology companies may transfer their unused but otherwise allowable research and development tax credits or net operating loss carry-overs for a minimum of 75 cents on the dollar to another corporation taxpayer provided neither is an affiliate or a subsidiary of the other. The proceeds from the transfer can be used for a broad range of "costs" associated with operating a technology or biotechnology company. This bill is a recommendation of the Joint Commission on Technology and Science.

Full text:
01/14/00  House: Presented & ordered printed 002182264  pdf
02/15/00  House: Committee substitute printed 002851896-H1  pdf
02/17/00  House: Printed as engrossed 002851896-EH1  pdf

Amendments:
House amendments

Status:
01/14/00  House: Presented & ordered printed 002182264
01/14/00  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 (20-Y 3-N)
02/15/00  House: Committee substitute printed 002851896-H1
02/16/00  House: Read first time
02/17/00  House: Read second time
02/17/00  House: Committee substitute agreed to 002851896-H1
02/17/00  House: Amendment by Del. Parrish agreed to
02/17/00  House: Engrossed by House - com. sub w/amd. 002851896-EH1
02/17/00  House: Printed as engrossed 002851896-EH1
02/18/00  House: Read third time and passed House (89-Y 7-N)
02/18/00  House: VOTE: PASSAGE (89-Y 7-N)
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)