Income tax, corporate; public/private education investment tax credit. (HB1164)

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 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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/09/2008Committee
01/09/2008Prefiled and ordered printed; offered 01/09/08 080614712
01/09/2008Referred to Committee on Finance
01/15/2008Assigned Finance sub: 3
01/18/2008Impact statement from TAX (HB1164)
01/28/2008Reported from Finance (13-Y 7-N) (see vote tally)
01/29/2008Read first time
01/30/2008Motion to refer to committee agreed to
01/30/2008Referred to Committee on Appropriations
02/01/2008Assigned App. sub: Elementary & Secondary Education (Tata)
02/06/2008Reported from Appropriations with amendments (15-Y 9-N) (see vote tally)
02/08/2008Read first time
02/11/2008Read second time
02/11/2008Committee amendments agreed to
02/11/2008Amendment by Delegate Moran agreed to (81-Y 9-N)
02/11/2008VOTE: --- ADOPTION (81-Y 9-N) (see vote tally)
02/11/2008Amendment by Delegate Armstrong agreed to
02/11/2008Pending question ordered
02/11/2008Engrossed by House as amended HB1164E
02/11/2008Printed as engrossed 080614712-E
02/12/2008Read third time and passed House (52-Y 46-N)
02/12/2008VOTE: --- PASSAGE (52-Y 46-N) (see vote tally)
02/12/2008Reconsideration of passage agreed to by House
02/12/2008Passed House (50-Y 48-N 1-A)
02/12/2008VOTE: --- PASSAGE #2 (50-Y 48-N 1-A) (see vote tally)
02/12/2008Communicated to Senate
02/13/2008Constitutional reading dispensed
02/13/2008Referred to Committee on Finance
02/25/2008Impact statement from TAX (HB1164E)
02/26/2008Failed to report (defeated) in Finance (3-Y 11-N) (see vote tally)

Comments

VA A., tracking this bill in Photosynthesis, notes:

VEA Opposed

Don Rattz writes:

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.