| Discovery is in our DNA
The Virginia Biotechnology Association (VABIO) focuses on public policy issues facing the biosciences at the local, state and federal level. Members work to educate policy makers about the industry and the significant impact it has on Virginia. In the last several years, VABIO successfully lobbied for the passage of Virginia’s Refundable R&D Tax Credit, state matching funds for SBIR awards, increased funding for the CIT “Gap” Fund, funding for Virginia’s cancer research centers, a 100% capital gains tax exclusion on investments in bioscience companies in Virginia, funding for the Commonwealth Research and Commercialization Fund (CRCF) as well as an overhaul of the state’s “Angel Investor Tax Credit” that provides a 50% credit on a bioscience investment up to $50,000. In partnership with BIO, the Virginia Biotechnology Association has successfully advocated for our members in Washington, D.C. on such issues as the Qualified Therapeutic Discovery Project Credit, patent reform, SBIR authorization, NIH and FDA funding and much more. Click here for a downloadable overview of the Commonwealth of Virginia Bioscience Incentives. Here are more details about public policy at the federal and state level:
Recent VABIO Legislation and Policy Highlights:
Latest Links to Recent Virginia Technology Incentives & Initiatives:
The Virginia Refundable Research and Development Tax Credit
1) Form RDC: Application for the Refundable R&D Tax Credit. Due April 1st.
2) Virginia Department of Taxation Information Page (VA Refundable R&D Credit)
3) Link to original legislation (SB 1326, 2011)
View a brief video explanation produced by the Virginia Society of Certified Public Accountants.
The Virginia Angel Investor Tax Credit (Virginia Qualified Equity & Subordinated Debt Credit)
1) Virginia Department of Taxation Information Page (VA Angel Investor Credit)
2) Link to Qualified Business Application form (Form QBA) Due December 31.
3) Link to Investor Application form (form EDC) Due April 1.
4) Link to original legislation (SB 1338, 2009)
The 100% Capital Gains Tax Exclusion on Investments in Bioscience/Advanced Technology Firms
1) Virginia Secretary of Technology Information Page (Capital Gains Exclusion)
2) Link to certification form from the Secretary of Technology (Application)
3) Link to original legislation (SB 428, 2010)
4) Qualifying for the Capital Gains Exclusion: 1. When filing your taxes, fill out the appropriate tax form. The following tax forms & schedules include this exemption: Form 500 ADJ, Form 502 ADJ, Form 760 Schedule ADJ, Schedule 760PY ADJ, and Schedule 763 ADJ. OR 2. Have the business in which you are investing apply through the Secretary of Technology’s office for certification that the company is an approved technology company. And then submit the appropriate tax form.
About the Virginia General Assembly: The Virginia General Assembly dates from the establishment of the House of Burgesses at Jamestown in 1619. It is heralded by Virginians as the “oldest continuous law-making body in the New World.” The 1776 Virginia Constitution confirmed our bicameral legislature, which consists of the House of Delegates and Senate of Virginia. The present state Constitution, adopted in 1970, provides that the House of Delegates shall consist of 90 to 100 members and the Senate shall consist of 33 to 40 members. All members of the General Assembly are elected by qualified voters within their respective House and Senate districts. The terms of office are two years for members of the House and four years for members of the Senate. Members may not hold any other public office during their term of office. The General Assembly’s chief responsibilities are to represent citizens in the formulation of public policy, enact laws of the Commonwealth, approve the budget, levy taxes, elect judges and confirm appointments by the Governor.
Virginia Bioscience Legislative Caucus: Virginia is one of approximately a dozen states with a “Biotech Caucus” in the state legislature. The Virginia Bioscience Legislative Caucus (VBLC) is a bi-partisan, bi-cameral group of approximately 60 state legislators who share a common interest in the development of the bioscience industry in the Commonwealth of Virginia. The caucus is co-chaired by Delegate John O’Bannon and Senator Janet Howell. Please click here for a current list of members: http://vabio.org/virginia-bioscience-legislative-caucus/
2013 Virginia General Assembly Information: Each year, the Virginia Biotechnology Association tracks bills and resolutions introduced in the state legislature. Click here to view links to the top legislation we are tracking for our members.
Who are my legislators?: Click here to find out who represents you in the state legislature: http://conview.state.va.us/whosmy.nsf/main?openform
Federal Regulations Regarding the Bioscience Industry: The Federal Government of the United States of America has a coordinated, risk-based system to ensure new biotechnology products are safe for the environment and human and animal health. Established as a formal policy in 1986, the Coordinated Framework for Regulation of Biotechnology describes the Federal system for evaluating products developed using modern biotechnology. The Coordinated Framework is based upon health and safety laws developed to address specific product classes. The U.S. Government has written new regulations, policies and guidance to implement these laws for biotechnology as products developed. This framework has allowed the United States to build upon agency experience with organisms and products developed using conventional techniques.
Take Action: Members of the bioscience industry can help shape federal policies to support the life science industry. Click here to visit BIO’s Federal Policy Advocacy Page: http://capwiz.com/bio/home/
Get involved: In addition to VaBIO’s active Government Affairs Committee, board members, staff and numerous members of the Association are currently serving or have served on gubernatorial commissions and legislative advisory committees focused on biosciences and economic development.
Bioscience leaders from across the Commonwealth work to educate officials at the local, state and national levels. Who will look out for our interests unless we, the industry, speak with one voice?
To participate, please contact VABIO.