There is a great deal of confusion surrounding House Bill 1447, a bill that recently passed in the General Assembly this week. I would like to help clarify some of this confusion, and help some of you understand my vote.
House Bill 1447 would allow income tax credits for individuals and businesses for qualified research and development expenses. This bill will also help foster job growth in the research field.
There were some concerns by pro-life constituents and organizations that this may allow tax credits for companies that study and perform research on embryonic stem cells. Many pro-lifers, myself included, chose to vote for House Bill 1447, due in large part to the fact that there was language in the legislation that specifically excluded embryonic stem cell research.
Although it was a tough vote, I chose to vote in favor of this bill due to the fact that it will create jobs for the citizens of the Commonwealth, without providing tax incentives for embryo destruction.
Please see below for an article that the Virginian-Pilot ran on this story. To view the story online please go to http://hamptonroads.com/2011/02/va-tax-credit-wont-apply-stemcell-research.
If you have any questions on this, please do not hesitate to contact me.
VA. TAX CREDIT WON'T APPLY TO STEM-CELL RESEARCH
By Bill Sizemore
A new state research and development tax credit will not apply to embryonic stem-cell research.
The Senate version of the legislation, HB1447, would have allowed the credit to be applied to such research. But House negotiators insisted on excluding it, and they prevailed.
The final version of the bill was approved Monday by the House, 87-12, and by the Senate, 38-0.