R & D Tax Credits Bill Passes the Senate

From Senator Mark Herring’s Twitter page today:

SB 1326 creating an ‘R&D’ Tax Credit in Virginia passed the Senate 38-1.

This is good news for getting jobs created in Virginia. Companies that invest in R & D now have incentives to hire more people to help with that R & D, and they can do so starting next year.

Here’s hoping that the near-unanimous Senate vote carries over to the House of Delegates with similar support, since the Governor supports it as well.

The text of SB 1326:

Income tax; research and development expenses tax credit. Allows income tax credits for individuals and businesses for qualified research and development expenses for taxable years beginning on or after January 1, 2012, but before January 1, 2017. The tax credit amounts are (i) 15% of the Virginia qualified research and development expenses, or (ii) 20% of the Virginia qualified research and development expenses, if the research was conducted in conjunction with a Virginia public college and university. The Tax Department shall develop policies and procedures for the application process for the tax credits. There is a $10 million cap on the total amount of credits allowed in any taxable year.

Sen. Herring noted SB 1326 on his webpage:

Among the highlights of Senator Herring’s legislative package is SB 1326, which creates a Research and Development Tax Credit in Virginia.  This legislation is the top priority of the Northern Virginia Technology Council and the Virginia Biotechnology Association, with whom Senator Herring has worked closely in the past, including last year on the passage of the Virginia Innovation Investment Act.  For his efforts to promote science and technology based economic development, Senator Herring was named “Legislator of the Year” in 2010 by the Biotechnology Industry Organization (BIO).

This legislation was also included among Governor Bob McDonnell’s “Opportunity at Work” legislative proposals.  The Governor thanked Senator Herring for carrying this legislation during his State of the Commonwealth address delivered this past Wednesday.

More reason why Mark Herring is working hard for Virginia (and Loudoun County) individuals and families. We should all workk hard to re-elect him in November.