c Richmond Sunlight » 2011 » Education Improvement Scholarships; tax credit for donations by business entities. (HB2314)

Education Improvement Scholarships; tax credit for donations by business entities. (HB2314)

Introduced By

Del. Jimmie Massie (R-Richmond)

Progress

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

Description

Income tax; corporate tax credits for donations to nonprofit organizations providing educational scholarships.  Establishes a tax credit beginning in taxable year 2012 for corporations donating cash to nonprofit organizations providing scholarships to students who would have been eligible for the free and reduced lunch program under federal law, in order for them to attend nonpublic elementary or secondary schools. Nonprofit organizations to which donations are made would be required to distribute at least 90 percent of their annual receipts for such scholarships. The tax credit would equal 70 percent of the donation made by the corporation and could be carried forward or back for 15 years. Any corporation taking a charitable deduction on its federal income tax return would be ineligible for this credit.

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. Amends § 58.1-402, of the Code of Virginia. Read the Bill »

Status

02/15/2011: Failed to Pass in Committee

History

  • 01/12/2011 Committee
  • 01/12/2011 Prefiled and ordered printed; offered 01/12/11 11103722D
  • 01/12/2011 Referred to Committee on Finance
  • 01/19/2011 Assigned Finance sub: #3
  • 01/29/2011 Impact statement from TAX (HB2314)
  • 02/02/2011 Reported from Finance with substitute (11-Y 8-N) (see vote tally)
  • 02/02/2011 Committee substitute printed 11104410D-H1
  • 02/04/2011 Read first time
  • 02/07/2011 Read second time
  • 02/07/2011 Committee substitute agreed to 11104410D-H1
  • 02/07/2011 Engrossed by House - committee substitute HB2314H1
  • 02/08/2011 Read third time and passed House (54-Y 45-N)
  • 02/08/2011 VOTE: PASSAGE (54-Y 45-N) (see vote tally)
  • 02/09/2011 Constitutional reading dispensed
  • 02/09/2011 Referred to Committee on Finance
  • 02/10/2011 Impact statement from TAX (HB2314H1)
  • 02/15/2011 Passed by indefinitely in Finance (9-Y 6-N) (see vote tally)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 7 clips in all, totaling 15 minutes. Click the image of the video to play it.