2007 Regular Session

SENATE BILL 976

File Code: Economic and Community Development
Sponsored By:
Chair, Budget and Taxation Committee (By Request - Departmental - Business and Economic Development)
Entitled:
Business and Economic Development - Biotechnology Investment Incentive Act

Synopsis:

Altering eligibility criteria and requirements for claiming a credit against the State income tax for investments in specified biotechnology businesses; prohibiting the certification of credits for investments in a single company for any fiscal year in excess of 15% of the total appropriations to the Reserve Fund for the fiscal year; providing that the credit may be claimed over 2 taxable years, beginning with the second year after the taxable year in which the investment was made; etc.

History by Legislative and Calendar Date

Senate Action
3/1
First Reading Senate Rules
3/2
Re-referred Budget and Taxation
Hearing 3/21 at 1:00 p.m.
House Action
No Action

Sponsored by:

Budget and Taxation Committee, Chair
Departmental
Business and Economic Development, Department of

Bill indexed under the following Subjects:

Assessments and Taxation, Department of
Comptroller
Income Tax
Industry and Technology
Investments -see also- Securities
Medical Research
Notices
Rules and Regulations
Tax Credits -see also- Circuit Breaker

Bill affects the following Statute:

Tax - General
( 10-725 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled
Fiscal and Policy Note (Displayed in PDF Format): Available
Amendments: None offered