Fabio
98 lines
7.0 KiB
Markdown
98 lines
7.0 KiB
Markdown
---
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type: "Bill"
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title: "Research and development expenses; tax credits."
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description: "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."
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jurisdiction: "us/states/va"
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legislature: "Virginia General Assembly"
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session: "2024"
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identifier: "HB 1518"
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citation: "Virginia HB 1518 (2024)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: ["Jackie H. Glass"]
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version_count: 4
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action_count: 30
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vote_count: 7
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first_action: "2024-01-19"
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last_action: "2024-04-08"
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source: "openstates"
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source_identifier: "ocd-bill/1a9d21a4-f684-410e-9f23-19cb25422247"
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source_url: "https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB1518"
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source_hash: "291184ebc97d1dc81da6be47b73a2d538ae3648736ce3f9ae24cb67e13e63e00"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-va"]
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---
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# Virginia HB 1518 (2024) — Research and development expenses; tax credits.
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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.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **CHAP0661** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+CHAP0661)
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2. **HB1518ER** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+HB1518ER)
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3. **Presented and ordered printed 24105827D** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+HB1518)
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4. **Printed as engrossed 24105827D-E** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+HB1518E)
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## Votes
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- VOTE: Block Vote Passage (99-Y 0-N) — **98–0** (pass) · lower
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- Subcommittee recommends reporting (8-Y 0-N) — **8–0** (pass) · lower
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- Constitutional reading dispensed (39-Y 0-N) — **39–0** (pass) · upper
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- Reported from Finance with amendment(s) (21-Y 0-N) — **21–0** (pass) · lower
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- Reported from Finance and Appropriations (15-Y 0-N) — **15–0** (pass) · upper
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- Passed Senate (39-Y 0-N) — **39–0** (pass) · upper
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- Subcommittee recommends reporting with amendments (8-Y 0-N) — **8–0** (pass) · lower
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## Sponsors
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- Jackie H. Glass — primary (person)
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- Elizabeth B. Bennett-Parker — cosponsor (person)
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- Irene Shin — cosponsor (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2024-01-19** Presented and ordered printed 24105827D `introduction`
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- **2024-01-19** Referred to Committee on Finance `referral-committee`
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- **2024-02-02** Assigned Finance sub: Subcommittee #1 `referral-committee`
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- **2024-02-04** Impact statement from TAX (HB1518)
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- **2024-02-05** Subcommittee recommends reporting (8-Y 0-N)
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- **2024-02-05** Subcommittee recommends reporting with amendments (8-Y 0-N)
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- **2024-02-07** House committee, floor amendments and substitutes offered
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- **2024-02-07** Reported from Finance with amendment(s) (21-Y 0-N) `committee-passage`
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- **2024-02-09** Read first time `reading-1`
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- **2024-02-12** Read second time `reading-2`
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- **2024-02-12** Committee amendment agreed to `amendment-passage`
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- **2024-02-12** Engrossed by House as amended HB1518E
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- **2024-02-12** Printed as engrossed 24105827D-E
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- **2024-02-13** Read third time and passed House BLOCK VOTE (99-Y 0-N) `passage, reading-3`
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- **2024-02-13** VOTE: Block Vote Passage (99-Y 0-N) `passage`
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- **2024-02-14** Constitutional reading dispensed
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- **2024-02-14** Referred to Committee on Finance and Appropriations `referral-committee`
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- **2024-02-18** Impact statement from TAX (HB1518E)
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- **2024-02-27** Constitutional reading dispensed (39-Y 0-N)
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- **2024-02-27** Reported from Finance and Appropriations (15-Y 0-N) `committee-passage`
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- **2024-02-28** Read third time `reading-3`
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- **2024-02-28** Passed Senate `passage`
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- **2024-02-28** Passed Senate (39-Y 0-N) `passage`
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- **2024-03-05** Enrolled `enrolled`
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- **2024-03-05** Bill text as passed House and Senate (HB1518ER) `passage`
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- **2024-03-06** Impact statement from TAX (HB1518ER)
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- **2024-03-11** Enrolled Bill communicated to Governor on March 11, 2024 `enrolled, executive-receipt`
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- **2024-03-11** Governor's Action Deadline 11:59 p.m., April 8, 2024 `executive-receipt`
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- **2024-04-08** Approved by Governor-Chapter 661 (effective 7/1/24) `executive-signature`
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- **2024-04-08** Acts of Assembly Chapter text (CHAP0661)
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/1a9d21a4-f684-410e-9f23-19cb25422247`. Confidence: reported (aggregated from official Virginia legislature records).
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