Income tax, state; Public/Private Educ. Investment tax credits for business entities, etc., report. (HB1843)

Introduced By

Del. Chris Saxman (R-Staunton)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Income tax; Public/Private Education Investment tax credit. Creates income tax credits for business entities and individual taxpayers who make contributions to eligible public school foundations and eligible scholarship foundations. For individual taxpayers, the amount of the annual credit is 100% of the contribution but may not exceed $800 for individual taxpayers and $1,200 for married taxpayers filing jointly. The amount of the annual credit for business entities is 90% of the contribution with no limit on the dollar amount. The public school foundations are required to disburse annually 90% of the contributions for capital improvement projects approved by the local school board and for extracurricular activities. The scholarship foundations are required to disburse 90% of its contributions for qualified educational expenses through scholarships. There is a $20 million cap on total tax credits awarded annually, with $10 million allocated for contributions made to public school foundations and $10 million allocated for contributions made to scholarship foundations. The credit would be effective for taxable years beginning on and after January 1, 2007. Read the Bill »


Bill Has Failed


01/03/2007Prefiled and ordered printed; offered 01/10/07 074756496
01/03/2007Referred to Committee on Finance
01/10/2007Assigned Finance sub: #1 (Orrock)
01/17/2007Impact statement from TAX (HB1843)
01/22/2007Impact statement from TAX (HB1843)
01/31/2007Reported from Finance (11-Y 9-N) (see vote tally)
02/02/2007Read first time
02/03/2007Read second time and engrossed
02/05/2007Communicated to Senate
02/05/2007Read third time and passed House (53-Y 45-N)
02/06/2007Impact statement from TAX (HB1843)
02/06/2007Reconsideration of passage agreed to by House
02/06/2007Passed House (56-Y 43-N)
02/06/2007Communicated to Senate
02/07/2007Constitutional reading dispensed
02/07/2007Referred to Committee on Education and Health
02/12/2007Rereferred to Finance