Thursday, July 24, 2008
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Tracking Virginia’s General Assembly
since 2007.
HB1164: Income tax, corporate; public/private education investment tax credit.
Chief Patron
Del.
Chris Saxman (R-20)
Chris Saxman
(R-20)
Staunton, VA
Served: 2002–
Progress
 |
Introduced |
 |
Passed Committee |
|
Passed House |
 |
Passed Senate |
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Signed by Governor |
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Became Law |
Status
02/26/2008: Failed to Pass in Committee
Summary
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 percent 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 percent of the contribution with no limit on the dollar amount. The public school foundations are required to disburse annually 90 percent 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 percent of the 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, 2008.
View Full Text »Video
Votes were cast on this bill on the following dates for which Richmond Sunlight has video: 01/09/2008, 01/09/2008, 01/29/2008, 01/29/2008, 01/30/2008, 01/30/2008, 02/01/2008, 02/01/2008, 02/08/2008, 02/08/2008, 02/11/2008, 02/12/2008, 02/13/2008, 02/13/2008 and 02/25/2008.
Poll Results
4 votes
Tags
Bill Text
Related Bills
Status: Failed to Pass in Committee
Status: signed by governor
Status: Failed to Pass in Committee
Status: signed by governor
Status: Failed to Pass in Committee
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Comments
VEA Opposed
Allow Virginians to determine how $1200 of their state taxes will be spent? Allow us to vote with our tax dollars?
And this from a former school teacher?
WOW!! I'm impressed. I can't wait to see SAXMAN on my ballot so I can vote for someone with a brain.