Research and development expenses; tax credit available against the bank franchise tax.
Summary
Research and development tax credits. Provides that the research and development expenses tax credit and the major research and development expenses tax credit shall be available against the bank franchise tax for taxable years beginning on and after January 1, 2021. Under current law, the credits are available only against the individual and corporate income tax.
Bill status
signed
all 5 stages cleared
Introduction
Dec 2020
Committee Review
Feb 2021
Senate Passage
Jan 2021
House of Delegates Passage
Feb 2021
Signed into Law
Mar 2021
Introduced Dec 15, 2020
Signed Mar 11, 2021
Floor votes · Senate Jan 25, 2021 · House of Delegates Feb 15, 2021
How they voted
33–0
Passed
Total votes 33
Jan 25, 2021
D
Democratic17
100% Yea
R
Republican16
100% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
29
Key actions
7
Committee
6
Amendments
2
Mar 11, 2021
Signed into law
Approved by Governor-Chapter 48 (effective 7/1/21)
executive
Feb 15, 2021
Lower · Passed
Passed House BLOCK VOTE (100-Y 0-N)
lower
Feb 10, 2021
Lower · Passed
Reported from Finance (21-Y 0-N)
lower
Feb 2, 2021
Committee
Referred to Committee on Finance
lower
Jan 25, 2021
Upper · Passed
Read third time and passed Senate (39-Y 0-N)
upper
Jan 22, 2021
Introduced
Engrossed by Senate as amended SB1112E
upper
Jan 22, 2021
Upper · Passed
Committee amendments agreed to
upper
Jan 22, 2021
Introduced
Reading of amendments waived
upper
Jan 20, 2021
Upper · Passed
Reported from Finance and Appropriations with amendments (15-Y 0-N)
upper
Jan 20, 2021
Upper · Passed
Senate committee, floor amendments and substitutes offered
upper
Dec 15, 2020
Committee
Referred to Committee on Finance and Appropriations
upper
Dec 15, 2020
Introduced
Prefiled and ordered printed; offered 01/13/21 21101371D
upper
1 primary · 1 co-sponsor
Sponsors
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