Virginia lawmakers have approved legislation that enhances the Commonwealth’s research and development income tax credit. The legislation, which makes a number of changes to the R&D credit, takes effect for tax years beginning on or after January 1, 2014. Virginia is among a number of states, including Alabama, Arizona, Illinois, and Pennsylvania, which have considered enacting or improving research and development tax incentives this year. Maryland’s R&D credit also was recently given facelift.
The Virginia legislation, which was approved by the Governor Terry McAuliffe on March 7, 2014, increases the amount of the R&D credit from …read more
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