Virginia House Bill 1220 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Moderate Partisan Bill (Republican 7-1)
Status: Passed on March 7 2014 - 100% progression
Action: 2014-03-07 - Governor: Acts of Assembly Chapter text (CHAP0227)
Text: Latest bill text (Chaptered) [HTML]

Research and development expenses tax credit. Increases beginning with taxable year 2014 the amount of the credit allowed from 15 percent of the first $167,000 to 15 percent of the first $234,000 of Virginia qualified research and development expenses, and from 20 percent of the first $175,000 to 20 percent of the first $234,000 of Virginia qualified research and development expenses conducted in conjunction with a Virginia institution of higher education. The bill increases the maximum annual amount of tax credits that may be issued each fiscal year from $5 million to $6 million. The bill allows a pass-through entity to elect to receive and claim any credit at the pass-through entity level in lieu of the credit being allocated to the individual partners, members, or shareholders of the pass-through entity. Finally, the bill requires any taxpayer applying for the credit to provide information to the Department of Taxation relating to the number of full-time employees of the taxpayer; the taxpayer's industry sector; the area, discipline, or field of Virginia qualified research performed by the taxpayer; the taxpayer's total gross receipts for the relevant taxable year; and whether the qualified research was performed in conjunction with a Virginia institution of higher education. Further, regardless of how few taxpayers take the credit, the Department, upon request by the General Assembly or any duly constituted committee of the General Assembly, must disclose the total aggregate amount of credits under § 58.1-439.12:08 taken by all taxpayers.

Research and development, qualified; increases amount of tax credit for expenses.

Del. Timothy Hugo [R]	Del. Steven Landes [R]	Del. Thomas Rust [R]	Del. Scott Garrett [R]
Del. James LeMunyon [R]	Del. Mark Keam [D]	Del. Barbara Comstock [R]	Del. David Ramadan [R]

2014-02-20 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2014-02-19 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2014-02-18 - Senate - Senate: Reported from Finance (10-Y 0-N) (Y: 10 N: 0 NV: 0 Abs: 0) [PASS]
2014-02-06 - House - House: VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (Y: 100 N: 0 NV: 1 Abs: 0) [PASS]
2014-02-03 - House - House: Reported from Finance with substitute (20-Y 0-N) (Y: 21 N: 0 NV: 1 Abs: 0) [PASS]
2014-01-31 - House - House: Subcommittee recommends reporting with amendment(s) (5-Y 0-N) (Y: 5 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2014-03-07		Governor: Acts of Assembly Chapter text (CHAP0227)
2014-03-07		Governor: Approved by Governor-Chapter 227 (effective - see bill)
2014-02-26	Senate	Signed by President
2014-02-24	House	Signed by Speaker
2014-02-24	House	Bill text as passed House and Senate (HB1220ER)
2014-02-24	House	Enrolled
2014-02-20	Senate	Passed Senate (40-Y 0-N)
2014-02-20	Senate	Read third time
2014-02-19	Senate	Constitutional reading dispensed (40-Y 0-N)
2014-02-18	Senate	Reported from Finance (10-Y 0-N)
2014-02-07	Senate	Referred to Committee on Finance
2014-02-07	Senate	Constitutional reading dispensed
2014-02-06	House	VOTE: BLOCK VOTE PASSAGE (98-Y 0-N)
2014-02-06	House	Read third time and passed House BLOCK VOTE (98-Y 0-N)
2014-02-05	House	Engrossed by House - committee substitute HB1220H1
2014-02-05	House	Committee substitute agreed to 14104702D-H1
2014-02-05	House	Read second time
2014-02-04	House	Read first time
2014-02-03	House	Committee substitute printed 14104702D-H1
2014-02-03	House	Reported from Finance with substitute (20-Y 0-N)
2014-01-31	House	Subcommittee recommends reporting with amendment(s) (5-Y 0-N)
2014-01-28	House	Assigned Finance sub: Subcommittee #3
2014-01-17	House	Referred to Committee on Finance
2014-01-17	House	Presented and ordered printed 14103757D

SB623 (Same As) 2014-03-24 - Governor: Acts of Assembly Chapter text (CHAP0306)

Chapter	Article	Section	Citation Type	Statute Text
58	1	439.12:08	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+HB1220
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB1220+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB1220H1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB1220ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+CHAP0227+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+H1003V0026+HB1220
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+H10V0041+HB1220
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+HV0499+HB1220
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+S05V0170+HB1220
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+SV0464HB1220+HB1220
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+SV0473HB1220+HB1220