Businesses; tax credits for donations to nonprofit organizations providing educational funding. (SB1221)

Introduced By

Sen. Mark Obenshain (R-Harrisonburg)

Progress

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

Description

Tax credits for donations to nonprofit organizations providing educational funding. Establishes a tax credit beginning in taxable year 2009 for businesses donating cash or personal property to nonprofit organizations providing funding (i) in the form of scholarships to students who would have been eligible for the free and reduced lunch program under federal law, but who attend nonpublic elementary or secondary schools, or (ii) in support of innovative educational programs in public schools. Nonprofit organizations to which donations are made would be required to contribute at least 90 percent of their annual receipts for such scholarships or innovative educational programs. The tax credit would equal 80 percent of the donation made by the business. No business would be issued more than $80,000 in tax credit for donations made in a taxable year.

The Department of Taxation would be responsible for issuing the tax credits. The Department would be allowed to issue up to $25 million in tax credits in each fiscal year of the Commonwealth. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/13/2009Prefiled and ordered printed; offered 01/14/09 091209288
01/13/2009Referred to Committee on Finance
01/19/2009Impact statement from TAX (SB1221)
02/11/2009Left in Finance