Monday, February 08, 2010

VA Del. Chris Peace: Support Capital Gains Exclusion for Biotech in Virginia

"Encouraging innovation and technology: Former Secretary of Commerce and Trade Bob Skunda along with the executive director of the Virginia Biotechnology Association, Mark Herzog, have brought nearly 60 businesses to the Virginia BioTechnology Research Park in downtown Richmond. These businesses have diversified our marketplace and made the region attractive to those who wish to explore the cutting edge of research and development. The park's businesses include life science companies, research institutes, and government laboratories -- and employ close to 2,000 people. In order to aide our statewide competitiveness in this sector -- as well as attract more scientists, engineers, and researchers who bring additional jobs to the commonwealth -- Del. Sam Nixon and Sen. Mark Herring (HB523/SB 428) introduced the Virginia Innovation Investment Act, which is a capital gains exclusion on income earned from a qualified investment in an advanced technology company in Virginia. There is a three-year window for the investment to be made. This bill will incentivize individuals and corporations to make investments in Virginia businesses that would not otherwise have occurred."

Click here for the full story from the Richmond Times Dispatch.

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