republic-os/legislation/us/states/va/2024/hb-1518.md

type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags

type	title	description	jurisdiction	legislature	session	identifier	citation	classification	subjects	status	primary_sponsors	version_count	action_count	vote_count	first_action	last_action	source	source_identifier	source_url	source_hash	vintage	source_snapshot	retrieved_at	confidence	tags
Bill	Research and development expenses; tax credits.	Research and development expenses tax credits. Creates a step-rate reimbursement structure for the major research and development expenses tax credit in an amount equal to (i) 10 percent, up to the first $1 million, of the difference between (a) Virginia qualified research and development expenses paid or incurred by the taxpayer during the taxable year and (b) 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 and (ii) five percent of such difference in excess of $1 million. Beginning in taxable year 2023, the bill also (a) imposes an annual per taxpayer major research and development expenses tax credit cap of $300,000, except that such cap increases to $400,000 if the Virginia qualified research was conducted in conjunction with a public or private institution of higher education in the Commonwealth, (b) reduces from $24 million to $16 million the aggregate cap on the major research and development expenses tax credit granted for each fiscal year, and (c) increases from $7.77 million to $15.77 million the aggregate cap on the research and development expenses tax credit granted for each fiscal year beginning in taxable year 2023.	us/states/va	Virginia General Assembly	2024	HB 1518	Virginia HB 1518 (2024)	bill		enacted	Jackie H. Glass	4	30	7	2024-01-19	2024-04-08	openstates	ocd-bill/1a9d21a4-f684-410e-9f23-19cb25422247	https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB1518	291184ebc97d1dc81da6be47b73a2d538ae3648736ce3f9ae24cb67e13e63e00	2026-07-01	https://data.openstates.org/daily/2026-07-01/public.pgdump	2026-07-06	reported	legislation bill us-va

Virginia HB 1518 (2024) — Research and development expenses; tax credits.

Research and development expenses tax credits. Creates a step-rate reimbursement structure for the major research and development expenses tax credit in an amount equal to (i) 10 percent, up to the first $1 million, of the difference between (a) Virginia qualified research and development expenses paid or incurred by the taxpayer during the taxable year and (b) 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 and (ii) five percent of such difference in excess of $1 million. Beginning in taxable year 2023, the bill also (a) imposes an annual per taxpayer major research and development expenses tax credit cap of $300,000, except that such cap increases to $400,000 if the Virginia qualified research was conducted in conjunction with a public or private institution of higher education in the Commonwealth, (b) reduces from $24 million to $16 million the aggregate cap on the major research and development expenses tax credit granted for each fiscal year, and (c) increases from $7.77 million to $15.77 million the aggregate cap on the research and development expenses tax credit granted for each fiscal year beginning in taxable year 2023.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. CHAP0661 (committee substitute) — source
2. HB1518ER (committee substitute) — source
3. Presented and ordered printed 24105827D (committee substitute) — source
4. Printed as engrossed 24105827D-E (committee substitute) — source

Votes

• VOTE: Block Vote Passage (99-Y 0-N) — 98–0 (pass) · lower
• Subcommittee recommends reporting (8-Y 0-N) — 8–0 (pass) · lower
• Constitutional reading dispensed (39-Y 0-N) — 39–0 (pass) · upper
• Reported from Finance with amendment(s) (21-Y 0-N) — 21–0 (pass) · lower
• Reported from Finance and Appropriations (15-Y 0-N) — 15–0 (pass) · upper
• Passed Senate (39-Y 0-N) — 39–0 (pass) · upper
• Subcommittee recommends reporting with amendments (8-Y 0-N) — 8–0 (pass) · lower

Sponsors

• Jackie H. Glass — primary (person)
• Elizabeth B. Bennett-Parker — cosponsor (person)
• Irene Shin — cosponsor (person)

Timeline

The legislative action history — every referral, reading, and vote.

• 2024-01-19 Presented and ordered printed 24105827D introduction
• 2024-01-19 Referred to Committee on Finance referral-committee
• 2024-02-02 Assigned Finance sub: Subcommittee #1 referral-committee
• 2024-02-04 Impact statement from TAX (HB1518)
• 2024-02-05 Subcommittee recommends reporting (8-Y 0-N)
• 2024-02-05 Subcommittee recommends reporting with amendments (8-Y 0-N)
• 2024-02-07 House committee, floor amendments and substitutes offered
• 2024-02-07 Reported from Finance with amendment(s) (21-Y 0-N) committee-passage
• 2024-02-09 Read first time reading-1
• 2024-02-12 Read second time reading-2
• 2024-02-12 Committee amendment agreed to amendment-passage
• 2024-02-12 Engrossed by House as amended HB1518E
• 2024-02-12 Printed as engrossed 24105827D-E
• 2024-02-13 Read third time and passed House BLOCK VOTE (99-Y 0-N) passage, reading-3
• 2024-02-13 VOTE: Block Vote Passage (99-Y 0-N) passage
• 2024-02-14 Constitutional reading dispensed
• 2024-02-14 Referred to Committee on Finance and Appropriations referral-committee
• 2024-02-18 Impact statement from TAX (HB1518E)
• 2024-02-27 Constitutional reading dispensed (39-Y 0-N)
• 2024-02-27 Reported from Finance and Appropriations (15-Y 0-N) committee-passage
• 2024-02-28 Read third time reading-3
• 2024-02-28 Passed Senate passage
• 2024-02-28 Passed Senate (39-Y 0-N) passage
• 2024-03-05 Enrolled enrolled
• 2024-03-05 Bill text as passed House and Senate (HB1518ER) passage
• 2024-03-06 Impact statement from TAX (HB1518ER)
• 2024-03-11 Enrolled Bill communicated to Governor on March 11, 2024 enrolled, executive-receipt
• 2024-03-11 Governor's Action Deadline 11:59 p.m., April 8, 2024 executive-receipt
• 2024-04-08 Approved by Governor-Chapter 661 (effective 7/1/24) executive-signature
• 2024-04-08 Acts of Assembly Chapter text (CHAP0661)

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/1a9d21a4-f684-410e-9f23-19cb25422247. Confidence: reported (aggregated from official Virginia legislature records).