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HB748

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

Status:
Enacted

Chief Patron:
Jay Jones (D)

Session:
2020 Regular Session

Summary

As Passed Both Chambers. 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. (Less)

  • Bill History

  • 01/07/2020 - House: Prefiled and ordered printed; offered 01/08/20 20101348D
  • 01/07/2020 - House: Referred to Committee on Finance
  • 01/29/2020 - House: Assigned Finance sub: Subcommittee #1
  • 02/03/2020 - House: House subcommittee amendments and substitutes offered
  • 02/03/2020 - House: Subcommittee recommends reporting with amendments (10-Y 0-N)
  • 02/03/2020 - House: Subcommittee recommends referring to Committee on Appropriations
  • 02/05/2020 - House: Reported from Finance with amendments (18-Y 4-N)
  • 02/05/2020 - House: Referred to Committee on Appropriations
  • 02/06/2020 - House: Assigned App. sub: Commerce Agriculture & Natural Resources
  • 02/07/2020 - House: Subcommittee recommends reporting (8-Y 0-N)
  • 02/07/2020 - House: Reported from Appropriations (22-Y 0-N)
  • 02/09/2020 - House: Read first time
  • 02/10/2020 - House: Read second time
  • 02/10/2020 - House: Committee amendments agreed to
  • 02/10/2020 - House: Engrossed by House as amended HB748E
  • 02/10/2020 - House: Printed as engrossed 20101348D-E
  • 02/11/2020 - House: Read third time and passed House (91-Y 8-N)
  • 02/11/2020 - House: VOTE: Passage (91-Y 8-N)
  • 02/12/2020 - Senate: Constitutional reading dispensed
  • 02/12/2020 - Senate: Referred to Committee on Finance and Appropriations
  • 02/25/2020 - Senate: Reported from Finance and Appropriations with substitute (16-Y 0-N)
  • 02/25/2020 - Senate: Committee substitute printed 20108926D-S1
  • 02/26/2020 - Senate: Constitutional reading dispensed (38-Y 0-N)
  • 02/26/2020 - Senate: Read third time
  • 02/26/2020 - Senate: Reading of substitute waived
  • 02/26/2020 - Senate: Committee substitute agreed to 20108926D-S1
  • 02/26/2020 - Senate: Engrossed by Senate - committee substitute HB748S1
  • 02/26/2020 - Senate: Passed Senate with substitute (38-Y 2-N)
  • 02/26/2020 - House: Senate substitute rejected by House 20108926D-S1 (0-Y 92-N)
  • 02/26/2020 - House: VOTE: REJECTED (0-Y 92-N)
  • 02/26/2020 - Senate: Senate insisted on amendments (40-Y 0-N)
  • 02/26/2020 - Senate: Senate requested conference committee
  • 02/27/2020 - House: House acceded to request
  • 02/27/2020 - House: Conferees appointed by House
  • 02/27/2020 - House: Delegates: Jones, Keam, Ware
  • 02/27/2020 - Senate: Conferees appointed by Senate
  • 02/27/2020 - Senate: Senators: Howell, Saslaw, Newman
  • 02/27/2020 - Conference: Amended by conference committee
  • 02/28/2020 - House: Conference report agreed to by House (85-Y 7-N)
  • 02/28/2020 - House: VOTE: Adoption (85-Y 7-N)
  • 03/02/2020 - Senate: Conference report agreed to by Senate (38-Y 2-N)
  • 03/05/2020 - House: Enrolled
  • 03/05/2020 - House: Bill text as passed House and Senate (HB748ER)
  • 03/06/2020 - House: Impact statement from TAX (HB748)
  • 03/06/2020 - House: Impact statement from TAX (HB748E)
  • 03/06/2020 - House: Signed by Speaker
  • 03/06/2020 - Senate: Signed by President
  • 03/11/2020 - House: Impact statement from TAX (HB748ER)
  • 03/12/2020 - House: Enrolled Bill communicated to Governor on March 12, 2020
  • 03/12/2020 - Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020
  • 03/25/2020 - Governor: Approved by Governor-Chapter 469 (effective 7/1/20)
  • 03/25/2020 - Governor: Acts of Assembly Chapter text (CHAP0469)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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