On Wednesday, July 2, NVTC President & CEO Bobbie Kilberg attended a gubernatorial bill signing ceremony where Governor Terry McAuliffe ceremonially signed into law two of NVTC’s 2014 legislative priorities: legislation to strengthen Virginia’s R&D tax credit and legislation to crack down on patent trolls who target Virginia businesses. Additional participants included Attorney General Mark R. Herring, who drafted and championed the anti-patent troll legislation; Senator Richard Stuart (R-Montross), who sponsored the Senate anti-patent troll bill; and Delegate Barbara Comstock (R-McLean), who sponsored the House R&D tax credit legislation. Bill sponsors Senator Ryan McDougle (R-Hanover) and Delegate Israel O’Quinn (R-Bristol) were not available to attend the ceremony. In addition to the Governor, Attorney General Herring, Senator Stuart and Delegate Comstock spoke at the ceremony.
|NVTC President and CEO Bobbie Kilberg, in red; Jeff Novak of AOL, Chair of the NVTC TechPAC, to Kilberg's right; and Todd House of Micron, NVTC TechPAC member, to Novak’s right, look on as Governor McAuliffe signs the R&D Tax credit and patent troll legislation. In the front row, from left, is Delegate Barbara Comstock (R-McLean), Virginia Attorney General Mark R. Herring, Governor McAuliffe, and Virginia Senator Richard Stuart (R-Montross).|
|From left, NVTC President and CEO Bobbie Kilberg, Delegate Barbara Comstock (R-McLean), VA Attorney General Mark R. Herring, and Governor McAuliffe at the ceremonial bill signing.|
In addition, NVTC organized a coalition of business groups and research universities that supported expanding and strengthening Virginia’s R&D Tax Credit (SB 623), which was sponsored by Delegate Barbara Comstock (R-McLean) and Senator Ryan McDougle (R-Mechanicsville). The tax credit is aimed to promote innovation and job creation, boost industry-sponsored research and collaboration with Virginia's universities and continue to diversify Virginia’s economy. The legislation increases funding for the credit from $5 million to $6 million per year, raises the eligible research expenses per company from $167,000 to $234,000, allows partnerships and LLCs to elect to receive the credit directly, and provides legislators with additional information about how the credit is used.
For more information on the legislation, please see the following links.
NVTC General Assembly Wrap-Up
NVTC’s Support of Patent Troll Legislation in Virginia