Virginia House Bill 799 (Prior Session Legislation)

---

Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on January 12 2016 - 25% progression, died in committee
Action: 2016-02-17 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Income tax subtractions and credits for investments in technology businesses. Modifies the qualified equity and subordinated debt investments tax credit by (i) increasing the maximum amount of credits that can be issued each year from $5 million to $7.5 million, (ii) allocating the $2.5 million annual increase in credits to cybersecurity businesses, and (iii) allowing credit for investments in technology businesses with no more than 50 full-time employees. Currently, credit is allowed for an equity or debt investment in a technology business if the business (a) has annual gross revenues of no more than $3 million in its most recent fiscal year, (b) has its principal office or facility in the Commonwealth, (c) is engaged in business primarily in or does substantially all of its production in the Commonwealth, and (d) has not obtained during its existence more than $3 million in aggregate gross cash proceeds from the issuance of its equity or debt investments. Under the bill, in lieu of having no more than $3 million in annual gross revenues for its most recent fiscal year, a business can be a qualifying business if it has no more than 50 full-time employees for such year. The bill also modifies an income tax subtraction that is similar to the tax credit by allowing the subtraction for an investment in a technology business if the business had no more than 50 full-time employees in its most recent fiscal year. The bill is effective beginning with taxable year 2016.

Income tax, state; subtractions and credits for investments in technology businesses.

Sen. John Bell [D]

Del. Glenn Davis [R]

Del. Kathleen Murphy [D]

Date	Chamber	Action
2016-02-17	House	Left in Finance
2016-02-05	House	Subcommittee recommends laying on the table by voice vote
2016-02-04	House	Assigned Finance sub: Subcommittee #3
2016-01-12	House	Referred to Committee on Finance
2016-01-12	House	Prefiled and ordered printed; offered 01/13/16 16102654D

Chapter	Article	Section	Citation Type	Statute Text
58	1	322	(n/a)	See Bill Text
58	1	339.4	(n/a)	See Bill Text
58	1	402	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?161+sum+HB799
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+HB799+hil