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Guideline Development - Research and Development Expenses Tax Credit

During the 2011 Session, the Virginia General Assembly enacted legislation that established the Research and Development Expenses Tax Credit.  This is an individual and corporate income tax credit for certain taxpayers that incur Virginia qualified research and development expenses.

During the 2014 Session, the Virginia General Assembly enacted legislation that increased the overall credit cap, increased the per taxpayer credit cap, allows pass-through entities to elect to claim the credit at the entity level, and requires taxpayers to provide certain information to the Department of Taxation (“the Department”) when applying for the credit.

The Department is currently developing guidelines to carry out the provisions of this credit.

Legislative Documents 

HB 1447 (2011)     Text     PDF     Fiscal Impact Statement

SB 1326 (2011)     Text     PDF     Fiscal Impact Statement

HB 1220 (2014)     Text     PDF     Fiscal Impact Statement

SB 623 (2014)       Text     PDF     Fiscal Impact Statement

Guideline Development Documents

Updated Workplan (PDF 13 KB)

Draft Guidelines (PDF 101 KB)

Final Guidelines (PDF 92KB)

Last Updated 1/6/2015 11:17


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