College Savings Plan; income tax deductions and sales of prepaid tuition contracts. (SB264)

Introduced By

Sen. Brandon Bell (R-Roanoke)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Virginia College Savings Plan; income tax deductions and sales of prepaid tuition contracts. Increases the income tax deduction for payments under prepaid tuition contracts and contributions to savings trust accounts to $3,000 per contract or account beginning January 1, 2006, and to $4,000 per contract or account beginning January 1, 2008. Under current law, the annual deduction may not exceed $2,000 per prepaid tuition contract or savings trust account. The bill provides that the Board of the Virginia College Savings Plan shall not enter into any prepaid tuition contract on or after July 1, 2008. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2006Prefiled and ordered printed; offered 01/11/06 063390700
01/10/2006Referred to Committee on Finance
01/16/2006Fiscal impact statement from TAX (SB264)
02/14/2006Left in Finance (15-Y 0-N)