Virginia Tax Break Supports Tech Start-ups

June 23, 2010

In April 2010 Virginia enacted legislation that may significantly help hi-tech and biotech start-ups raise capital in Virginia.  SB 428 (Virginia Innovation Investment Act) Grants an income tax deduction for any income taxed as a long-term capital gain for federal income tax purposes or any income taxed as investment services partnership interest income, on or after January 1, 2011, that is related to a qualified investment in a technology and science start-up business having a principal office or facility in the Commonwealth and less than $3 million in annual revenues in the fiscal year prior to the investment.  The deduction would relate to investments made between July 1, 2010, and June 30, 2013. 

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