Summary as introduced:
Virginia Technology and Biotechnology Research and Development Fund created. Creates the Virginia Technology and Biotechnology Research and Development Fund to attract technology or biotechnology companies to, or assist these companies located in, the Commonwealth. Moneys in the Fund shall only be applied to qualified research expenses and basic research payments (as defined by § 41 of the Internal Revenue Code) for research conducted in the Commonwealth. Qualified research expenses are defined as in-house expenses or contract research expenses, paid by a technology or biotechnology company. Basic research payments are defined as payments made to companies and nonprofit research institutions and organizations located in the Commonwealth for research in technology and biotechnology. No grant to a company from the Fund is to exceed $500,000 per year. The Innovative Technology Authority shall administer this fund. Full text:
12/22/04 House: Prefiled & ordered printed; offered 01/12/05 056830472 pdf | impact statement
12/22/04 House: Prefiled & ordered printed; offered 01/12/05 056830472
12/22/04 House: Referred to Committee on General Laws
01/12/05 House: Assigned to General Laws sub-committee: Subcommittee #4...
01/27/05 House: Reported from General Laws with sub (22-Y 0-N)
01/27/05 House: Referred to Committee on Appropriations
01/31/05 House: Assigned to App. sub-committee: Commerce, Agriculture &...
02/02/05 House: Tabled in Appropriations (24-Y 0-N)