Income tax, state; Public/Private Educ. Investment tax credits for business entities, etc., report. (HB1843)

Introduced By

Del. Chris Saxman (R-Staunton)

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, 2007. Amends § 58.1-439.18, § 58.1-439.21, of the Code of Virginia. View Full Text »

Outcome

Bill Has Failed

History

  • 01/03/2007 Committee
  • 01/03/2007 Prefiled and ordered printed; offered 01/10/07 074756496
  • 01/03/2007 Referred to Committee on Finance
  • 01/10/2007 Assigned Finance sub: #1 (Orrock)
  • 01/17/2007 Impact statement from TAX (HB1843)
  • 01/22/2007 Impact statement from TAX (HB1843)
  • 01/31/2007 Reported from Finance (11-Y 9-N) (see vote tally)
  • 02/02/2007 Read first time
  • 02/03/2007 Read second time and engrossed
  • 02/05/2007 Communicated to Senate
  • 02/05/2007 Read third time and passed House (53-Y 45-N)
  • 02/06/2007 Impact statement from TAX (HB1843)
  • 02/06/2007 Reconsideration of passage agreed to by House
  • 02/06/2007 Passed House (56-Y 43-N)
  • 02/06/2007 Communicated to Senate
  • 02/07/2007 Constitutional reading dispensed
  • 02/07/2007 Referred to Committee on Education and Health
  • 02/12/2007 Rereferred to Finance