Income tax, state; education tax credits. (SB189)

Introduced By

Sen. Steve Martin (R-Chesterfield)

Progress

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

Description

Education tax credits. Allows individuals and businesses to claim a tax credit on their Virginia income tax return for contributions to Department of Taxation-approved nonprofit foundations that provide financial assistance to public schools for capital projects or provide scholarships to students in the Commonwealth. The total amount of credits available in any given year is capped at $50 million. In addition, an individual taxpayer may claim a credit for $800, or $1,200 if filing jointly, for education expenses paid for a dependent who is a student. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2006Prefiled and ordered printed; offered 01/11/06 064236760
01/10/2006Referred to Committee on Finance
01/22/2006Fiscal impact statement from TAX (SB189)
01/31/2006Passed by indefinitely in Finance (15-Y 0-N)