Income tax, corporate; tax credits for donations to non-profit organizations, etc. (SB131)

Introduced By

Sen. Bill Stanley (R-Moneta) with support from co-patrons Sen. Dick Black (R-Leesburg), Sen. Ryan McDougle (R-Mechanicsville), and Sen. Mark Obenshain (R-Harrisonburg)

Progress

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

Description

Income tax; educational improvement scholarships. Establishes a credit beginning in taxable year 2013 for corporations donating cash to nonprofit organizations providing education improvement scholarships to students who would have been eligible for the free and reduced-price 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 credit would equal 70 percent of the donation made by the corporation and would be refundable. Any corporation taking a charitable deduction on its federal income tax return would be required to add that amount back to its Virginia taxable income in order to receive this credit. There is a $25 million cap for the credits. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/10/2012Prefiled and ordered printed; offered 01/11/12
01/10/2012Prefiled and ordered printed; offered 01/11/12 12102635D
01/10/2012Referred to Committee on Finance
02/07/2012Impact statement from TAX (SB131)
02/14/2012Reported from Finance with substitute (8-Y 7-N) (see vote tally)
02/14/2012Committee substitute printed 12105426D-S1
02/14/2012Incorporates SB241
02/15/2012Read first time
02/16/2012Read second time
02/16/2012Reading of substitute waived
02/16/2012Committee substitute agreed to 12105426D-S1
02/16/2012Engrossed by Senate - committee substitute SB131S1
02/17/2012Read third time and passed Senate (20-Y 20-N) (see vote tally)
02/17/2012Chair votes Yes
02/20/2012Placed on Calendar
02/20/2012Read first time
02/20/2012Referred to Committee on Finance
02/20/2012Assigned Finance sub: #3
02/27/2012Impact statement from TAX (SB131S1)
02/27/2012Reported from Finance (13-Y 8-N) (see vote tally)
02/28/2012Read second time
02/29/2012Read third time
02/29/2012Passed House (57-Y 40-N)
02/29/2012VOTE: PASSAGE (57-Y 40-N) (see vote tally)
03/05/2012Enrolled
03/05/2012Bill text as passed Senate and House (SB131ER)
03/05/2012Signed by Speaker
03/07/2012Signed by President
03/21/2012Impact statement from TAX (SB131ER)
04/09/2012G Approved by Governor-Chapter 731 (effective 7/1/12)
04/09/2012G Acts of Assembly Chapter text (CHAP0731)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 1 hour.