Income tax, corporate; tax credits for donations to nonprofit organizations providing scholarships. (SB1194)

Introduced By

Sen. Mark Obenshain (R-Harrisonburg)

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 in order for them to attend nonpublic elementary or secondary schools. Nonprofit organizations to which donations are made would be required to contribute at least 90 percent of their annual receipts for such scholarships. The tax credit would equal 90 percent of the donation made by the corporation.

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
01/12/2011Prefiled and ordered printed; offered 01/12/11 11100824D
01/12/2011Referred to Committee on Finance
01/24/2011Impact statement from TAX (SB1194)
02/08/2011Left in Finance