Virginia Bolsters Research and Development Tax Credit

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Virginia Bolsters Research and Development Tax Credit – Virginia has enacted legislation increasing the Commonwealth’s income tax credits for Research and Development (R&D) activities. The legislation (SB 58), which passed both the Virginia Senate and House by unanimous vote, extends the sunset date of the program, increases the amount of the existing R&D credits, and creates an additional credit for “major research and development expenses.”

The last year for Virginia’s R&D credits was scheduled to be tax year 2018, but SB 58 has extended the program through tax year 2021. The legislation also increases the cap on the amount …read more

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