Guidance Document Information
| Title |
Major Research and Development Expenses Tax Credit Guidelines |
| Document ID |
Corporate/Individual |
| Summary |
During the 2016 Session, the General Assembly enacted House Bill 884 (2016 Acts of
Assembly, Chapter 661) and Senate Bill 58 (2016 Acts of Assembly, Chapter 300), which
established the Major 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 in excess of $5 million during a taxable year. |
| Effective Date |
5/3/2017 |
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Posted On 12/14/2017
Document on Town Hall
|
| Explanation or Citations |
Va. Code ยง 58.1-439.12:11 |
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