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HB 748

  • Virginia House Bill
  • 2020 Regular Session
  • Introduced in House Jan 07, 2020
  • Passed House Feb 11, 2020
  • Passed Senate Feb 26, 2020
  • Governor

Research and development tax credits; extends sunset date, aggregate caps.

Abstract

Research and development tax credits; sunset; aggregate caps. Extends the sunset date for both the research and development expenses tax credit and the major research and development expenses tax credit from January 1, 2022, to January 1, 2025. Beginning with taxable year 2021, the bill increases the aggregate cap of the research and development expenses tax credit from $7 million to $7.77 million and increases the aggregate cap of the major research and development expenses tax credit from $20 million to $24 million. For both credits, the bill moves back the annual deadline for applications for the credit from July 1 to September 1. This bill is identical to SB 110.

Research and development tax credits; sunset; aggregate caps. Extends the sunset date for both the research and development expenses tax credit and the major research and development expenses tax credit from January 1, 2022, to January 1, 2025. Beginning with taxable year 2020, the bill increases the aggregate cap of the research and development expenses tax credit from $7 million to $7.77 million and increases the aggregate cap of the major research and development expenses tax credit from $20 million to $22 million. For both credits, the bill moves back the annual deadline for applications for the credit from July 1 to September 1.

Research and development tax credits; sunset;aggregate caps. Extends the sunset date for both the researchand development expenses tax credit and the major research and developmentexpenses tax credit from January 1, 2022, to January 1, 2027. Beginningwith taxable year 2020, the bill increases the aggregate cap of the research and development expenses tax credit from $7 million to $10million and increases the aggregate cap of the major research anddevelopment expenses tax credit from $20 million to $40 million.For both credits, the bill moves back the annual deadline for applicationsfor the credit from July 1 to September 1.

Bill Sponsors (10)

Jerrauld C. "Jay" Jones

  • Democratic
  • lower
  • 89
Primary

Mark L. Keam

  • Democratic
  • lower
  • 35
Cosponsor

David A. Reid

  • Democratic
  • lower
  • 32
Cosponsor

Emily M. Brewer

  • Republican
  • lower
  • 64
Cosponsor

Eileen Filler-Corn

  • Democratic
  • lower
  • 41
Cosponsor

Steve E. Heretick

  • Democratic
  • lower
  • 79
Cosponsor

Kaye Kory

  • Democratic
  • lower
  • 38
Cosponsor

Martha M. Mugler

  • Democratic
  • lower
  • 91
Cosponsor

Kathleen Murphy

  • Democratic
  • lower
  • 34
Cosponsor

Don L. Scott

  • Democratic
  • lower
  • 80
Cosponsor

Votes


Actions


Mar 25, 2020

Office of the Governor

Approved by Governor-Chapter 469 (effective 7/1/20)

Mar 12, 2020

Office of the Governor

Governor's Action Deadline 11:59 p.m., April 11, 2020

House

Enrolled Bill communicated to Governor on March 12, 2020

Mar 11, 2020

House

Impact statement from TAX (HB748ER)

Mar 06, 2020

House

Impact statement from TAX (HB748E)

Senate

Signed by President

House

Signed by Speaker

House

Impact statement from TAX (HB748)

Mar 05, 2020

House

Enrolled

Mar 02, 2020

Senate

Conference report agreed to by Senate (38-Y 2-N)

Feb 28, 2020

House

VOTE: Adoption (85-Y 7-N)

House

Conference report agreed to by House (85-Y 7-N)

Feb 27, 2020

House

Conferees appointed by House

Virginia General Assembly

Amended by conference committee

Senate

Conferees appointed by Senate

House

House acceded to request

Feb 26, 2020

Senate

Senate insisted on amendments (40-Y 0-N)

Senate

Constitutional reading dispensed (38-Y 0-N)

Senate

Read third time

Senate

Reading of substitute waived

Senate

Committee substitute agreed to 20108926D-S1

Senate

Engrossed by Senate - committee substitute HB748S1

Senate

Passed Senate with substitute (38-Y 2-N)

House

Senate substitute rejected by House 20108926D-S1 (0-Y 92-N)

House

VOTE: REJECTED (0-Y 92-N)

Senate

Senate requested conference committee

Feb 25, 2020

Senate

Reported from Finance and Appropriations with substitute (16-Y 0-N)

Senate

Committee substitute printed 20108926D-S1

Feb 12, 2020

Senate

Constitutional reading dispensed

Senate

Referred to Committee on Finance and Appropriations

Feb 11, 2020

House

VOTE: Passage (91-Y 8-N)

House

Read third time and passed House (91-Y 8-N)

Feb 10, 2020

House

Printed as engrossed 20101348D-E

House

Engrossed by House as amended HB748E

House

Committee amendments agreed to

House

Read second time

Feb 09, 2020

House

Read first time

Feb 07, 2020

House

Subcommittee recommends reporting (8-Y 0-N)

House

Reported from Appropriations (22-Y 0-N)

Feb 06, 2020

House

Assigned App. sub: Commerce Agriculture & Natural Resources

Feb 05, 2020

House

Reported from Finance with amendments (18-Y 4-N)

House

Referred to Committee on Appropriations

Feb 03, 2020

House

House subcommittee amendments and substitutes offered

House

Subcommittee recommends reporting with amendments (10-Y 0-N)

House

Subcommittee recommends referring to Committee on Appropriations

Jan 29, 2020

House

Assigned Finance sub: Subcommittee #1

Jan 07, 2020

House

Prefiled and ordered printed; offered 01/08/20 20101348D

House

Referred to Committee on Finance

Bill Text

Bill Text Versions Format
Engrossed by House as amended HB748E HTML
Engrossed by House as amended HB748E HTML
Engrossed by Senate - committee substitute HB748S1 HTML
Bill text as passed House and Senate (HB748ER) HTML
Acts of Assembly Chapter text (CHAP0469) HTML

Related Documents

Document Format
Amendment: HB748AH HTML
Amendment: HB748AC HTML

Sources

Data on Open States is updated nightly from the official website of the Virginia General Assembly.

If you notice any inconsistencies with these official sources, feel free to file an issue.