Virginia Governor Signs Law Modifying Research and Development Expenses Income Tax Credits

The Virginia Governor signed a law modifying the research and development expenses income tax credits. The law reduces the annual aggregate tax credit cap for the Major Research and Development Expense Tax Credit from $24 million to $16 million. The law increases the annual aggregate tax credit cap for the Research and Development Expenses Tax Credit from $7.77 million to $15.77 million. The law also introduces a step-rate structure and a per taxpayer annual credit cap for the Major Research and Development Expenses Tax Credit. The law takes effect on July 1, and applies for taxable years beginning on or ...