Virginia Senate Bill 161 (Prior Session Legislation)

---

Spectrum: Bipartisan Bill
Status: Introduced on December 29 2015 - 25% progression, died in chamber
Action: 2016-02-10 - Incorporated by Finance
Text: Latest bill text (Prefiled) [HTML]

Research and development expenses tax credits. Modifies the existing research and development expenses tax credit and creates a similar tax credit for businesses with Virginia research and development expenses in excess of $5 million for the taxable year. The bill changes the existing tax credit by (i) extending the expiration date from January 1, 2019, to January 1, 2026, (ii) establishing an alternative computation for the tax credit at the election of the taxpayer beginning with taxable year 2016, and (iii) increasing from $6 million to $7 million the maximum amount of tax credits that may be granted by the Department of Taxation for each fiscal year beginning with fiscal year 2017.

Research and development; modifies expense tax credits.

Sen. Janet Howell [D]

Sen. Frank Ruff [R]

2016-02-10 - Senate - Senate: Incorporated by Finance (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2016-02-10	Senate	Incorporated by Finance
2015-12-29	Senate	Referred to Committee on Finance
2015-12-29	Senate	Prefiled and ordered printed; offered 01/13/16 16101909D

SB58 (Similar To) 2016-03-07 - Governor: Acts of Assembly Chapter text (CHAP0300)

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

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?161+sum+SB161
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+SB161+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+S05V0108+SB0161