Research and development expenses; tax credit available against the bank franchise tax.
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SB 1112 — Research and development expenses; tax credit available against the bank franchise tax.
Last action — Approved by Governor-Chapter 48 (effective 7/1/21)
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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✓Passed Senate
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✓Passed House of Delegates
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced December 15, 2020. Enacted.
Prognosis
Where this bill stands today.
Odds of enactment
HighHow often bills like it became law.
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Enacted
Current position in the legislative process.
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2 sponsors
1 primary, 1 co-sponsors signed on.
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Mixed recorded votes
5 passed, 1 failed in recorded votes so far.
Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.
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 Text
What changed in the latest version
37 added · 28 removedPlain-language change summary
The recent amendment to Bill SB 1112 modifies the tax credit structure for Virginia's qualified research and development expenses. It establishes a maximum limit of $7.77 million in tax credits per fiscal year, down from a previous cap of $20 million, which means the state will be more cautious in granting these credits. Additionally, it specifies that taxpayers who claim these credits cannot use the same expenses to claim other credits, ensuring that the financial benefits are not duplicated. This change is crucial for managing the state's budget and ensuring fairness in tax incentives.
SPECIAL SESSION I history | hilite | pdf | print version VIRGINIA ACTS OF ASSEMBLY -- CHAPTER 48 An Act to amend and reenact §§ 58.1-439.12:08 and 58.1-439.12:11 of the Code of Virginia, relating to research and development tax credits.
[S 1112] Approved March 11, 2021 Be it enacted by the General Assembly of Virginia:
View plain text versions (4)
- CHAP0048 View text Current html March 11, 2021
- SB1112ER View text html February 17, 2021
- Engrossed Printed as engrossed 21101371D-E html January 22, 2021
- Prefiled Prefiled and ordered printed; offered 01/13/21 21101371D html December 15, 2020
Action History
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Approved by Governor-Chapter 48 (effective 7/1/21)
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Impact statement from TAX (SB1112ER)
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Governor's Action Deadline 11:59 p.m., March 31, 2021
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Enrolled Bill Communicated to Governor on February 22, 2021
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Signed by Speaker
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Signed by President
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Enrolled
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VOTE: Block Vote Passage (100-Y 0-N)
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Passed House BLOCK VOTE (100-Y 0-N)
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Read third time
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Read second time
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Reported from Finance (21-Y 0-N)
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Impact statement from TAX (SB1112E)
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Continued to Special Session 1 in Finance
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Referred to Committee on Finance
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Read first time
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Placed on Calendar
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Read third time and passed Senate (39-Y 0-N)
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Printed as engrossed 21101371D-E
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Engrossed by Senate as amended SB1112E
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Committee amendments agreed to
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Reading of amendments waived
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Read second time
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Constitutional reading dispensed (39-Y 0-N)
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Reported from Finance and Appropriations with amendments (15-Y 0-N)
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Senate committee, floor amendments and substitutes offered
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Impact statement from TAX (SB1112)
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Referred to Committee on Finance and Appropriations
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Prefiled and ordered printed; offered 01/13/21 21101371D
Sponsors
- Mamie E. Locke · Primary
- L. Louise Lucas · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 1 co-sponsors · 146 not signed on
Sponsors (1)
Co-sponsors (1)
Not signed on (146)
146 members have not signed on to this bill.
Show all 146 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 99 | 0 | 0 | 0 |
| Total | 99 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (99)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 21 | 0 | 0 | 1 |
| Total | 21 | 0 | 0 | 1 |
| % of votes cast | 95% | 0% | 0% | 5% |
How each member voted (22)
| Member | Party | Vote |
|---|---|---|
| Ayala, Hala S. | — | Yea |
| Byron, Kathy J. | — | Yea |
| Campbell, Ronnie R. | — | Yea |
| Carter, Lee J. | — | Yea |
| Don Scott | — | Yea |
| Fowler, Hyland F."Buddy," Jr. | — | Yea |
| Gilbert, C. Todd | — | Not Voting |
| Heretick, Steve E. | — | Yea |
| Hudson, Sally L. | — | Yea |
| Joseph P. McNamara | — | Yea |
| Keam, Mark L. | — | Yea |
| Kory, Kaye | — | Yea |
| Mugler, Martha M. | — | Yea |
| Mundon King, Candi | — | Yea |
| Murphy, Kathleen | — | Yea |
| Orrock, Robert D., Sr. | — | Yea |
| Poindexter, Charles D. | — | Yea |
| R. Lee Ware | — | Yea |
| Richard C. "Rip" Sullivan, Jr. | — | Yea |
| Rodney T. Willett | — | Yea |
| Thomas C. Wright, Jr. | — | Yea |
| Vivian E. Watts | — | Yea |
Roll call published as PDF — view source.
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 39 | 0 | 0 | 0 |
| Total | 39 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (39)
| Member | Party | Vote |
|---|---|---|
| McClellan, Jennifer L. | — | Yea |
| Morrissey, Joseph D. | — | Yea |
| Spruill, Lionell, Sr. | — | Yea |
| Barbara A. Favola | — | Yea |
| Barker, George L. | — | Yea |
| Bell, John J. | — | Yea |
| Bill DeSteph | — | Yea |
| Bryce E. Reeves | — | Yea |
| Chase, Amanda F. | — | Yea |
| Cosgrove, John A., Jr. | — | Yea |
| David R. Suetterlein | — | Yea |
| David W. Marsden | — | Yea |
| Dunnavant, Siobhan S. | — | Yea |
| Ebbin, Adam P. | — | Yea |
| Edwards, John S. | — | Yea |
| Hanger, Emmett W., Jr. | — | Yea |
| Hashmi, Ghazala F. | — | Yea |
| Howell, Janet D. | — | Yea |
| Jennifer B. Boysko | — | Yea |
| Jeremy S. McPike | — | Yea |
| Kiggans, Jennifer A. | — | Yea |
| L. Louise Lucas | — | Yea |
| Lewis, Lynwood W., Jr. | — | Yea |
| Mamie E. Locke | — | Yea |
| Mark D. Obenshain | — | Yea |
| Mark J. Peake | — | Yea |
| Mason, T. Montgomery "Monty" | — | Yea |
| Newman, Stephen D. | — | Yea |
| Norment, Thomas K., Jr. | — | Yea |
| Petersen, J. Chapman | — | Yea |
| R. Creigh Deeds | — | Yea |
| Richard H. Stuart | — | Yea |
| Ruff, Frank M., Jr. | — | Yea |
| Ryan T. McDougle | — | Yea |
| Saslaw, Richard L. | — | Yea |
| Scott A. Surovell | — | Yea |
| Todd E. Pillion | — | Yea |
| Vogel, Jill Holtzman | — | Yea |
| William M. Stanley, Jr. | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 39 | 0 | 0 | 0 |
| Total | 39 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (39)
| Member | Party | Vote |
|---|---|---|
| McClellan, Jennifer L. | — | Yea |
| Morrissey, Joseph D. | — | Yea |
| Spruill, Lionell, Sr. | — | Yea |
| Barbara A. Favola | — | Yea |
| Barker, George L. | — | Yea |
| Bell, John J. | — | Yea |
| Bill DeSteph | — | Yea |
| Bryce E. Reeves | — | Yea |
| Chase, Amanda F. | — | Yea |
| Cosgrove, John A., Jr. | — | Yea |
| David R. Suetterlein | — | Yea |
| David W. Marsden | — | Yea |
| Dunnavant, Siobhan S. | — | Yea |
| Ebbin, Adam P. | — | Yea |
| Edwards, John S. | — | Yea |
| Hanger, Emmett W., Jr. | — | Yea |
| Hashmi, Ghazala F. | — | Yea |
| Howell, Janet D. | — | Yea |
| Jennifer B. Boysko | — | Yea |
| Jeremy S. McPike | — | Yea |
| Kiggans, Jennifer A. | — | Yea |
| L. Louise Lucas | — | Yea |
| Lewis, Lynwood W., Jr. | — | Yea |
| Mamie E. Locke | — | Yea |
| Mark D. Obenshain | — | Yea |
| Mark J. Peake | — | Yea |
| Mason, T. Montgomery "Monty" | — | Yea |
| Newman, Stephen D. | — | Yea |
| Norment, Thomas K., Jr. | — | Yea |
| Petersen, J. Chapman | — | Yea |
| R. Creigh Deeds | — | Yea |
| Richard H. Stuart | — | Yea |
| Ruff, Frank M., Jr. | — | Yea |
| Ryan T. McDougle | — | Yea |
| Saslaw, Richard L. | — | Yea |
| Scott A. Surovell | — | Yea |
| Todd E. Pillion | — | Yea |
| Vogel, Jill Holtzman | — | Yea |
| William M. Stanley, Jr. | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 15 | 0 | 0 | 0 |
| Total | 15 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (15)
| Member | Party | Vote |
|---|---|---|
| McClellan, Jennifer L. | — | Yea |
| Barker, George L. | — | Yea |
| David W. Marsden | — | Yea |
| Edwards, John S. | — | Yea |
| Hanger, Emmett W., Jr. | — | Yea |
| Howell, Janet D. | — | Yea |
| L. Louise Lucas | — | Yea |
| Mamie E. Locke | — | Yea |
| Newman, Stephen D. | — | Yea |
| Norment, Thomas K., Jr. | — | Yea |
| Petersen, J. Chapman | — | Yea |
| R. Creigh Deeds | — | Yea |
| Ruff, Frank M., Jr. | — | Yea |
| Saslaw, Richard L. | — | Yea |
| Vogel, Jill Holtzman | — | Yea |
Subjects
Frequently asked questions
- What does SB 1112 do?
- 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.
- Who sponsors SB 1112?
- SB 1112 is sponsored by Mamie E. Locke and L. Louise Lucas.
- What is the current status of SB 1112?
- This bill has been enacted into law. Introduced December 15, 2020. Enacted.
- Where can I track SB 1112?
- Track SB 1112 free on One Click Politics — get push/email alerts when it moves.
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