Income tax, state; education tax credits. (SB189)

Introduced By

Sen. Steve Martin (R-Chesterfield)

Description

Education tax credits. Allows individuals and businesses to claim a tax credit on their Virginia income tax return for contributions to Department of Taxation-approved nonprofit foundations that provide financial assistance to public schools for capital projects or provide scholarships to students in the Commonwealth. The total amount of credits available in any given year is capped at $50 million. In addition, an individual taxpayer may claim a credit for $800, or $1,200 if filing jointly, for education expenses paid for a dependent who is a student. Amends § 58.1-439.18 (“Definitions.”), § 58.1-439.22 (“Donations of professional services.”), of the Code of Virginia. View Full Text »

Outcome

No Richmond Sunlight visitors voted on this bill while voting was open.