Source: https://vacode.org/58.1-439.12:11/
Timestamp: 2020-05-31 07:25:47
Document Index: 181982136

Matched Legal Cases: ['§ 58', '§ 58', '§ 41', '§ 41', '§ 58', '§ 2', '§ 58']

Major research and development expenses tax credit (§ 58.1-439.12:11)—Virginia Decoded - Virginia Decoded
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§ 58.1-439.12:11
A. As used in this section, unless the context requires a different meaning:”Virginia qualified research” means qualified research, as defined in § 41(d) of the Internal Revenue Code, as amended, that is conducted in the Commonwealth.”Virginia qualified research and development expenses” means qualified research expenses, as defined in § 41(b) of the Internal Revenue Code, as amended, incurred for Virginia qualified research.
B. For taxable years beginning on or after January 1, 2016, but before January 1, 2022, a taxpayer with Virginia qualified research and development expenses for the taxable year in excess of $ 5 million shall be allowed a credit against the tax levied pursuant to § 58.1-320 or 58.1-400 in an amount equal to 10 percent of the difference between (i) the Virginia qualified research and development expenses paid or incurred by the taxpayer during the taxable year and (ii) 50 percent of the average Virginia qualified research and development expenses paid or incurred by the taxpayer for the three taxable years immediately preceding the taxable year for which the credit is being determined. If the taxpayer did not pay or incur Virginia qualified research and development expenses in any one of the three taxable years immediately preceding the taxable year for which the credit is being determined, the tax credit shall equal five percent of the Virginia qualified research and development expenses paid or incurred by the taxpayer during the relevant taxable year.
C. The aggregate amount of credits granted for each fiscal year of the Commonwealth pursuant to this section shall not exceed $ 20 million.
D. In the event approved applications for the tax credits allowed under this section exceed $ 20 million for any taxable year, the Department shall apportion the credits by dividing $ 20 million by the total amount of tax credits approved, to determine the percentage of allowed tax credits each taxpayer shall receive.
H. The Department shall develop and publish guidelines under this section including guidelines for applying for the tax credit. Such guidelines shall be exempt from the Administrative Process Act (§ 2.2-4000 et seq.). Applications for the tax credit must be received by the Department no later than July 1 of the calendar year following the close of the taxable year in which the expenses were paid or incurred.The Department shall also adopt guidelines to prescribe standards for determining when research and development is considered conducted in the Commonwealth for purposes of allowing the credit under this section. In adopting guidelines, the Department may consider (i) the location where the research and development is performed; (ii) the residence or business location of the taxpayer or taxpayers conducting the research and development; (iii) the location where supplies used in the research and development are consumed; and (iv) any other factors that the Department deems to be relevant.
2016, cc. 300, 661.
If you’re reading this for anything important, you should double-check its accuracy—read § 58.1-439.12:11 on the official Code of Virginia website.
HB1041: Income tax, state and corporate; tax credit for hiring veterans. (failed)
HB1050: Income tax, state; tax credit for hiring military persons as STEM interns. (failed)
HB111: Small business job creation tax credit; creates credit for those creating new full-time jobs. (failed)
HB191: Small businesses; tax credit for those hiring graduates of Virginia's colleges. (failed)
HB228: Income tax, corporate; credit for contracting with small or minority-owned businesses. (failed)
HB514: Tax credits; for costs to comply with excessive state regulations. (failed)
HB811: Corporate tax credit; taxes paid in another state. (failed)
HB883: Income tax, state; credit for solar energy equipment systems. (failed)
SB178: Satellite office expenses tax credit; creates a $250,000 tax credit for certain businesses. (failed)
SB68: Income tax, corporate; creates industrial building rehabilitation tax credit. (failed)
SB78: Income tax, corporate; taxes paid in another state. (failed)
HB1049: Income tax, state, etc.; tax credit for taxpayers employing persons in STEM internship positions. (failed)
HB1050: Income tax, state and corporate; tax credit for hiring military persons as STEM interns. (failed)
HB1303: Small businesses; tax credit for hiring graduates of Virginia's public colleges and universities. (failed)
HB1304: Income tax, corporate; credit for contracting with small or minority-owned, etc., businesses. (failed)
HB191: Small businesses; tax credit for those hiring graduates of Virginia's colleges and universities. (failed)
HB1916: Income tax, state and corporate; tax credit for solar thermal systems. (failed)
HB2003: Income tax, state; recycled building rehabilitation tax credit. (failed)
HB2282: Income tax, state and corporate; tax credit for removing barriers at places of public accommodation. (failed)
HB2290: Income tax, state and corporate; tax credit for hiring certain veterans with salary of $30,000. (failed)
HB514: Tax credits; beginning Jan. 1, 2012, for direct costs to comply with excessive state regulations. (failed)
SB747: Income tax, corporate; creates industrial building rehabilitation tax credit. (failed)
HB1063: Renewable energy property; tax credits for installing. (failed)
HB502: Child care program; tax credit to employers for operating costs. (failed)
HB508: Natural gas fueling stations; tax credit to owners for public access. (failed)
HB678: Income tax; tax credit for small businesses hiring graduates of Virginia's public colleges. (failed)
HB870: New infrastructure; tax credit for certain investment. (failed)
HB896: Income tax, state; tax credit for completion of public school renovation. (failed)
HB910: Renewable energy property; tax credits for placing into service. (failed)
SB653: Renewable energy property; grants for placing into service, Renewable Energy Property Grant Fund. (passed)
HB1326: Income tax credit; donations to nonprofits preserving historical battlefields. (failed)
HB1555: Medicaid; tax credit for providers of waiver services. (failed)
HB1651: Natural gas fueling stations; tax credit for certain owners of stations that are open to the public. (failed)
HB1728: Renewable energy property; establishes beginning in 2015 a tax credit to be placed in service. (failed)
HB1050: Solar thermal system tax credit. (failed)
HB1100: Research and development expenses tax credits. (failed)
HB33: Small businesses; parental leave tax credit. (failed)
HB480: Renewable energy property; tax credit for placing into service. (failed)
SB58: Research and development expenses; modifies the existing tax credits. (passed)
HB1133: Paid Sick Leave Pilot Program; established, paid sick leave tax credit. (failed)
SB142: Solar thermal system; tax credit. (failed)
HB748: Research and development tax credits; extends sunset date, aggregate caps. (passed)
SB110: Research and development tax credits; extends sunset date, aggregate caps. (passed)