Income tax, state; Public/Private Education Investment Tax Credit, created, report. (HB1294)
Introduced By
Del. Chris Saxman (R-Staunton) with support from co-patron Del. Kathy Byron (R-Lynchburg)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
✓ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax; Public/Private Education Investment tax credit. Creates income tax credits for business entities and individual taxpayers who make contributions to eligible public school foundations and eligible scholarship foundations. For individual taxpayers, the amount of the annual credit is 100% of the contribution but may not exceed $800 for individual taxpayers and $1,200 for married taxpayers filing jointly. The amount of the annual credit for business entities is 90% of the contribution with no limit on the dollar amount. The public school foundations are required to disburse annually 90% of the contributions for capital improvement projects approved by the local school board and for extracurricular activities. The scholarship foundations are required to disburse 90% of its contributions for qualified educational expenses through scholarships. There is a $20 million cap on total tax credits awarded annually, with $10 million allocated for contributions made to public school foundations and $10 million allocated for contributions made to scholarship foundations. The credit would be effective for taxable years beginning on and after January 1, 2006. Read the Bill »
Status
02/28/2006: Failed to Pass in Committee
History
Date | Action |
---|---|
01/11/2006 | Prefiled and ordered printed; offered 01/11/06 067365496 |
01/11/2006 | Referred to Committee on Finance |
01/20/2006 | Assigned to Finance sub-committee: #3 (Ware, R.L.) |
02/02/2006 | Fiscal impact statement from TAX (HB1294) |
02/08/2006 | Reported from Finance with substitute (14-Y 8-N) |
02/09/2006 | Committee substitute printed 067371496-H1 |
02/10/2006 | Read first time |
02/13/2006 | Read second time |
02/13/2006 | Committee substitute agreed to 067371496-H1 |
02/13/2006 | Engrossed by House - committee substitute HB1294H1 |
02/14/2006 | Read third time and passed House (55-Y 45-N) |
02/14/2006 | VOTE: PASSAGE (55-Y 45-N) |
02/14/2006 | Reconsideration of passage agreed to by House |
02/14/2006 | Passed House (57-Y 42-N) |
02/14/2006 | VOTE: PASSAGE #2 (57-Y 42-N) |
02/14/2006 | Communicated to Senate |
02/15/2006 | Constitutional reading dispensed |
02/15/2006 | Referred to Committee on Finance |
02/24/2006 | Fiscal impact statement from TAX (HB1294H1) |
02/28/2006 | Continued to 2007 in Finance (15-Y 0-N) |