Income taxes, state; establishes pilot program for refundable tax credits for tuition & textbooks. (SB331)

Introduced By

Sen. Mark Obenshain (R-Harrisonburg)

Description

Individual income taxes; tax credits for tuition expenses. Establishes a pilot program for refundable income tax credits for tuition and textbook expenses charged by a private school or a public school to parents of certain children. The credit is the lesser of $1,000 or actual tuition expenses for taxable years beginning January 1, 2006, and is limited to low income taxpayers in counties with a population of less than 10,000. For purposes of public school funding, a child for whom credit is taken will be included in the average daily membership of the school division in which the child resides, but the amount of the credit taken will be deducted from the state funds available to that school division. The tax credit will expire on January 1, 2009. Read the Bill »

Outcome

History