Research and development expenses; tax credit available against the bank franchise tax.
It became law on Mar 11, 2021.
- Stage
- Became law
- Started in
- House
- Sponsors
- 8
- Latest action
- Mar 11, 2021
What it does
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.
Where it stands
This bill passed and is now law.
Introduced (Done)
Committee (Done)
Floor (Done)
Law (Done)
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Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
In the news
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Where it goes next
Once a bill is decided, the questions are about what is done with it in Virginia.