Income taxes, state; establishes pilot program for refundable tax credits for tuition & textbooks. (SB331)

Introduced By

Sen. Mark Obenshain (R-Harrisonburg)

Progress

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

Description

Individual income taxes; tax credits for tuition expenses. Establishes a pilot program for refundable income tax credits for tuition and textbook expenses charged by a private school or a public school to parents of certain children. The credit is the lesser of $1,000 or actual tuition expenses for taxable years beginning January 1, 2006, and is limited to low income taxpayers in counties with a population of less than 10,000. For purposes of public school funding, a child for whom credit is taken will be included in the average daily membership of the school division in which the child resides, but the amount of the credit taken will be deducted from the state funds available to that school division. The tax credit will expire on January 1, 2009. Amends § 58.1-339.11, of the Code of Virginia. View Full Text »

Outcome

Bill Has Failed

History

  • 01/11/2006 Prefiled and ordered printed; offered 01/11/06 063387782
  • 01/11/2006 Referred to Committee on Finance
  • 01/22/2006 Fiscal impact statement from TAX (SB331)
  • 01/25/2006 Continued to 2007 in Finance (15-Y 0-N) (see vote tally)