Virginia House Bill 999 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 8 2014 - 25% progression, died in chamber
Action: 2014-01-15 - Passed by indefinitely in Appropriations by voice vote
Text: Latest bill text (Prefiled) [HTML]

Virginia Major Employer Research Performance Grant Program. Creates a performance grant program for research and development expenditures conducted in the Commonwealth by major employers. The bill provides that research and development expenditures means "qualified research" as defined in § 41(d) of the Internal Revenue Code, which is research and development that is technological in nature and intended to be useful in the development of a new or improved business component of the entity conducting the research and development. The performance grant would equal 10 percent of the first $15 million in research and development expenditures conducted in the Commonwealth by an entity that during the year (i) incurred at least $3.5 million in Virginia research and development expenditures, (ii) employed at least 1,000 full-time positions in the Commonwealth, and (iii) realized at least $500 million in gross receipts or gross revenues related to business activity performed in the Commonwealth. The bill also would require any major employer receiving a performance grant to incur research and development expenditures in the Commonwealth during the calendar year immediately following the year for which the grant was awarded in an amount at least equal to 200 percent of the performance grant amount. Any major employer failing to incur the required amount of expenditures would be required to repay a portion of the performance grant awarded. The performance grant program would be administered by the Secretary of Commerce and Trade. The performance grant program would expire on January 1, 2019.

Virginia Major Employer Research Performance Grant Program; created.

Del. Barbara Comstock [R]

Date	Chamber	Action
2014-01-15	House	Passed by indefinitely in Appropriations by voice vote
2014-01-10	House	Assigned App. sub: Agriculture, Commerce, Technology and Natural Resources
2014-01-08	House	Referred to Committee on Appropriations
2014-01-08	House	Prefiled and ordered printed; offered 01/08/14 14102627D

Chapter	Article	Section	Citation Type	Statute Text
59	1	284.28	(n/a)	See Bill Text
59	1	284.29	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+HB999
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB999+hil