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