VA HB1518 | 2024 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on April 8 2024 - 100% progression
Action: 2024-04-08 - Governor: Acts of Assembly Chapter text (CHAP0661)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on April 8 2024 - 100% progression
Action: 2024-04-08 - Governor: Acts of Assembly Chapter text (CHAP0661)
Text: Latest bill text (Chaptered) [HTML]
Summary
Research and development expenses tax credits. Creates a step-rate reimbursement structure for the major research and development expenses tax credit in an amount equal to (i) 10 percent, up to the first $1 million, of the difference between (a) Virginia qualified research and development expenses paid or incurred by the taxpayer during the taxable year and (b) 50 percent of the average Virginia qualified research and development expenses paid or incurred by the taxpayer for the three taxable years immediately preceding the taxable year for which the credit is being determined and (ii) five percent of such difference in excess of $1 million. Beginning in taxable year 2023, the bill also (a) imposes an annual per taxpayer major research and development expenses tax credit cap of $300,000, except that such cap increases to $400,000 if the Virginia qualified research was conducted in conjunction with a public or private institution of higher education in the Commonwealth, (b) reduces from $24 million to $16 million the aggregate cap on the major research and development expenses tax credit granted for each fiscal year, and (c) increases from $7.77 million to $15.77 million the aggregate cap on the research and development expenses tax credit granted for each fiscal year beginning in taxable year 2023. Research and development expenses tax credits. Creates a step-rate reimbursement structure for the major research and development expenses tax credit in an amount equal to (i) 10 percent, up to the first $1 million, of the difference between (a) Virginia qualified research and development expenses paid or incurred by the taxpayer during the taxable year and (b) 50 percent of the average Virginia qualified research and development expenses paid or incurred by the taxpayer for the three taxable years immediately preceding the taxable year for which the credit is being determined and (ii) five percent of such difference in excess of $1 million. Beginning in taxable year 2023, the bill also (a) imposes an annual per taxpayer major research and development expenses tax credit cap of $300,000, except that such cap increases to $400,000 if the Virginia qualified research was conducted in conjunction with a public or private institution of higher education in the Commonwealth, (b) reduces from $24 million to $16 million the aggregate cap on the major research and development expenses tax credit granted for each fiscal year, and (c) increases from $7.77 million to $15.77 million the aggregate cap on the research and development expenses tax credit granted for each fiscal year beginning in taxable year 2023.
Title
Research and development expenses; tax credits.
Sponsors
Roll Calls
2024-02-28 - Senate - Senate: Passed Senate (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-27 - Senate - Senate: Reported from Finance and Appropriations (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-27 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-13 - House - House: VOTE: Block Vote Passage (99-Y 0-N) (Y: 99 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-07 - House - House: Reported from Finance with amendment(s) (21-Y 0-N) (Y: 21 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-07 - House - House: Reported from Finance with amendment(s) (18-Y 0-N) (Y: 18 N: 0 NV: 0 Abs: 4) [PASS]
2024-02-05 - House - House: Subcommittee recommends reporting with amendments (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-05 - House - House: Subcommittee recommends reporting (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-27 - Senate - Senate: Reported from Finance and Appropriations (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-27 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-13 - House - House: VOTE: Block Vote Passage (99-Y 0-N) (Y: 99 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-07 - House - House: Reported from Finance with amendment(s) (21-Y 0-N) (Y: 21 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-07 - House - House: Reported from Finance with amendment(s) (18-Y 0-N) (Y: 18 N: 0 NV: 0 Abs: 4) [PASS]
2024-02-05 - House - House: Subcommittee recommends reporting with amendments (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-05 - House - House: Subcommittee recommends reporting (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-04-08 | Governor: Acts of Assembly Chapter text (CHAP0661) | |
| 2024-04-08 | Governor: Approved by Governor-Chapter 661 (effective 7/1/24) | |
| 2024-03-11 | Governor: Governor's Action Deadline 11:59 p.m., April 8, 2024 | |
| 2024-03-11 | House | Enrolled Bill communicated to Governor on March 11, 2024 |
| 2024-03-05 | House | Bill text as passed House and Senate (HB1518ER) |
| 2024-03-05 | House | Enrolled |
| 2024-02-28 | Senate | Passed Senate (39-Y 0-N) |
| 2024-02-28 | Senate | Read third time |
| 2024-02-27 | Senate | Reported from Finance and Appropriations (15-Y 0-N) |
| 2024-02-27 | Senate | Constitutional reading dispensed (39-Y 0-N) |
| 2024-02-14 | Senate | Referred to Committee on Finance and Appropriations |
| 2024-02-14 | Senate | Constitutional reading dispensed |
| 2024-02-13 | House | VOTE: Block Vote Passage (99-Y 0-N) |
| 2024-02-13 | House | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
| 2024-02-12 | House | Printed as engrossed 24105827D-E |
| 2024-02-12 | House | Engrossed by House as amended HB1518E |
| 2024-02-12 | House | Committee amendment agreed to |
| 2024-02-12 | House | Read second time |
| 2024-02-09 | House | Read first time |
| 2024-02-07 | House | Reported from Finance with amendment(s) (21-Y 0-N) |
| 2024-02-05 | House | Subcommittee recommends reporting with amendments (8-Y 0-N) |
| 2024-02-05 | House | Subcommittee recommends reporting (8-Y 0-N) |
| 2024-02-02 | House | Assigned Finance sub: Subcommittee #1 |
| 2024-01-19 | House | Referred to Committee on Finance |
| 2024-01-19 | House | Presented and ordered printed 24105827D |
Subjects
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 58 | 1 | 439.12:08 | (n/a) | See Bill Text |
| 58 | 1 | 439.12:11 | (n/a) | See Bill Text |
