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 »

Outcome

Bill Has Failed

History

DateAction
01/11/2006Prefiled and ordered printed; offered 01/11/06 067365496
01/11/2006Referred to Committee on Finance
01/20/2006Assigned to Finance sub-committee: #3 (Ware, R.L.)
02/02/2006Fiscal impact statement from TAX (HB1294)
02/08/2006Reported from Finance with substitute (14-Y 8-N) (see vote tally)
02/09/2006Committee substitute printed 067371496-H1
02/10/2006Read first time
02/13/2006Read second time
02/13/2006Committee substitute agreed to 067371496-H1
02/13/2006Engrossed by House - committee substitute HB1294H1
02/14/2006Read third time and passed House (55-Y 45-N)
02/14/2006VOTE: PASSAGE (55-Y 45-N) (see vote tally)
02/14/2006Reconsideration of passage agreed to by House
02/14/2006Passed House (57-Y 42-N)
02/14/2006VOTE: PASSAGE #2 (57-Y 42-N) (see vote tally)
02/14/2006Communicated to Senate
02/15/2006Constitutional reading dispensed
02/15/2006Referred to Committee on Finance
02/24/2006Fiscal impact statement from TAX (HB1294H1)
02/28/2006Continued to 2007 in Finance (15-Y 0-N) (see vote tally)