HB 1447 Income tax, state; research and development expenses tax credit.
Benjamin L. Cline | all patrons    ...    notes
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Summary as passed: (all summaries)
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, 2011, but before January 1, 2016. The tax credit amounts are (i) 15 percent of the first $167,000 in Virginia qualified research and development expenses, or (ii) 20 percent of the first $175,000 of Virginia qualified research and development expenses if the research was conducted in conjunction with a Virginia public or private college or university, to the extent the expenses exceed a base amount. The Tax Department shall develop policies and procedures for the application process for the tax credits. There is a $5 million cap on the total amount of credits allowed in any fiscal year.  Incorporates HB 2325.

Full text:
11/22/10  House: Prefiled and ordered printed; offered 01/12/11 11100871D  pdf | impact statement
02/02/11  House: Committee substitute printed 11104600D-H1  pdf | impact statement
02/15/11  Senate: Committee substitute printed 11105320D-S1  pdf
02/21/11  House: Conference substitute printed 11105523D-H2  pdf
02/25/11  House: Bill text as passed House and Senate (HB1447ER)  pdf
03/28/11  Governor: Acts of Assembly Chapter text (CHAP0742)  pdf

Amendments:
House amendments rejected
Conference amendments

Status:
11/22/10  House: Prefiled and ordered printed; offered 01/12/11 11100871D
11/22/10  House: Referred to Committee on Finance
01/17/11  House: Assigned Finance sub: #3
01/28/11  House: Subcommittee recommends reporting with amendment(s) (5-Y 0-N)
02/02/11  House: Reported from Finance with substitute (14-Y 7-N)
02/02/11  House: Committee substitute printed 11104600D-H1
02/02/11  House: Incorporates HB2325
02/04/11  House: Read first time
02/07/11  House: Read second time
02/07/11  House: Committee substitute agreed to 11104600D-H1
02/07/11  House: Amendment by Delegate Sickles rejected (34-Y 62-N)
02/07/11  House: VOTE: REJECTED (34-Y 62-N)
02/07/11  House: Engrossed by House - committee substitute HB1447H1
02/08/11  House: Read third time and passed House (76-Y 23-N)
02/08/11  House: VOTE: PASSAGE (76-Y 23-N)
02/09/11  Senate: Constitutional reading dispensed
02/09/11  Senate: Referred to Committee on Finance
02/15/11  Senate: Reported from Finance with substitute (15-Y 0-N)
02/15/11  Senate: Committee substitute printed 11105320D-S1
02/16/11  Senate: Constitutional reading dispensed (40-Y 0-N)
02/16/11  Senate: Read third time
02/16/11  Senate: Reading of substitute waived
02/16/11  Senate: Committee substitute agreed to 11105320D-S1
02/16/11  Senate: Engrossed by Senate - committee substitute HB1447S1
02/16/11  Senate: Passed Senate with substitute (38-Y 0-N)
02/16/11  Senate: Reconsideration of Senate passage agreed to by Senate (40-Y 0-N)
02/16/11  Senate: Passed Senate with substitute (40-Y 0-N )
02/16/11  House: Placed on Calendar
02/16/11  House: Senate substitute rejected by House 11105320D-S1 (29-Y 55-N)
02/16/11  House: VOTE: REJECTED (29-Y 55-N)
02/16/11  Senate: Senate insisted on substitute (36-Y 3-N)
02/16/11  Senate: Senate requested conference committee
02/16/11  Senate: Reconsidered insisted on substitute agreed to by Senate (38-Y 0-N)
02/16/11  Senate: Senate insisted on substitute (33-Y 5-N)
02/16/11  Senate: Senate requested conference committee
02/16/11  House: House acceded to request
02/16/11  House: Conferees appointed by House
02/16/11  House: Delegates: Cline, Landes, Lewis
02/16/11  Senate: Conferees appointed by Senate
02/16/11  Senate: Senators: Herring, Saslaw, Watkins
02/21/11  Senate: Conference report agreed to by Senate (38-Y 0-N)
02/21/11  House: Conference substitute printed 11105523D-H2
02/21/11  House: Conference report agreed to by House (87-Y 12-N)
02/21/11  House: VOTE: ADOPTION (87-Y 12-N)
02/25/11  House: Enrolled
02/25/11  House: Bill text as passed House and Senate (HB1447ER)
02/25/11  House: Signed by Speaker
02/25/11  Senate: Signed by President
03/28/11  Governor: Approved by Governor-Chapter 742 (effective 7/1/11)
03/28/11  Governor: Acts of Assembly Chapter text (CHAP0742)