Bioscience Bills Considered By ‘08 Legislature
More than 2,500 bills and resolutions have been introduced so far in the 2008 Session of the Virginia General Assembly. Republicans hold a 53-44 advantage in the House of Delegates while the Democrats now control the State Senate for the first time since 1999 with a 21-19 majority. The newly renovated State Capitol building and change of control in the Senate have shaken things up around Capitol Square. Staff and volunteers of the Virginia Biotechnology Association are tracking the status of nearly 30 key bills and resolutions that are of specific interest to the bioscience community. Those bills can be view here: http://www.richmondsunlight.com/photosynthesis/3t1bh/
House of Delegates Members Bob Purkey (R-Virginia Beach) and Mark Sickles (D-Fairfax) continue to introduce bills to help bioscience firms obtain additional financing and state support. Delegate Purkey’s HB 166 creates an investment return guarantee program of 10% for venture capital funds that invest in technology firms in Virginia. The VC must have an office in the Commonwealth and an established history of investing in bioscience firms. Delegate Purkey’s other key bill, HB 910, creates the Technology, Nanotechnology and Biotechnology Investment grant fund for up to $500,000 for Virginia biotechnology companies.
Delegate Mark Sickles introduced two key bills this session to help the bioscience industry: HB 1092 creates a research and development tax credit, not to exceed $500,000, for biotechnology companies in Virginia. His other bill, HB 1095, establishes the Virginia Commission on Bioscience within the legislative branch to review the recommendations from previous gubernatorial commissions and identify specific action items.
“Delegates Purkey and Sickles have really gone to bat for us, ” said VaBIO Executive Director Mark A. Herzog. “Their bills would make a huge difference for our emerging bioscience companies across the State.”
Another key bill that would be of interest to our members was introduced by Delegate Kathy Byron (R-Lynchburg), HJ 177. Virginia’s corporation income tax of a multistate corporation is currently apportioned based on a three-factor formula (the value of Virginia property over total property counting for one-quarter of the formula, the value of Virginia payroll over total payroll counting for another quarter of the formula, and sales in Virginia over total sales counting for one-half of the formula). Her bill recommends changing the sales tax to a new single factor formula that would ultimately reduce the corporate income tax for companies in selected industries or regions of the state.
Please contact your state legislator to let them know that you support these bills and resolutions that will promote the Bioscience industry in Virginia. Here is a link to find out who represents you in Richmond: http://conview.state.va.us/whosmy.nsf/main?openform
Also starting during this 2008 Session is the new bipartisan legislative caucus dedicated to the advancement of the life sciences industry in Virginia. The “Virginia Bioscience Legislative Caucus� (VBLC) was formed in October by the Virginia Biotechnology Association and two leading members of the state legislature, Delegate John O’Bannon, MD (R-Henrico) and Senator Janet Howell (D-Reston). The VBLC, which now has more than forty members, will serve as a bipartisan forum for lawmakers to coordinate polices being developed in human, plant, and animal biosciences & devices. Such dialog can lead to better understanding as to how to both grow Virginia’s economy and benefit our citizens with new life-saving medicines.
The Caucus has its kick-off breakfast on Tuesday, February 4 at the Richmond Marriott. All VaBIO members are encouraged to attend. Click here for details: http://www.vabio.org/legislative-caucus-events-feb-4-5
For more information about the VaBIO legislative agenda or to volunteer, please call us at 804-643-6360.
