Income tax, state; increases deduction for prepaid tuition contract, etc. with College Savings Plan. (SB785)

Introduced By

Sen. Brandon Bell (R-Roanoke) with support from co-patron Sen. Fred Quayle (R-Suffolk)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Income tax deduction; Virginia College Savings Plan. Increases from $2,000 to $4,000 the annual income tax deduction allowed for purchases and contributions for prepaid tuition contracts or savings trust accounts entered into with the Virginia College Savings Plan. The increase would become effective for taxable years beginning on or after January 1, 2009. Read the Bill »


04/10/2007: signed by governor


12/22/2006Prefiled and ordered printed; offered 01/10/07 078900700
12/22/2006Referred to Committee on Finance
01/26/2007Impact statement from TAX (SB785)
02/01/2007Constitutional reading dispensed (39-Y 0-N)
02/01/2007VOTE: (39-Y 0-N) (see vote tally)
02/02/2007Read second time and engrossed
02/05/2007Read third time and passed Senate (39-Y 0-N)
02/05/2007VOTE: (39-Y 0-N) (see vote tally)
02/05/2007Communicated to House
02/06/2007Impact statement from TAX (SB785)
02/06/2007Placed on Calendar
02/06/2007Read first time
02/06/2007Referred to Committee on Finance
02/13/2007Read second time
02/14/2007Read third time
02/14/2007Passed House (93-Y 2-N)
02/20/2007Bill text as passed Senate and House (SB785ER)
02/21/2007Signed by Speaker
02/22/2007Signed by President
02/26/2007Impact statement from TAX (SB785ER)
03/26/2007Governor's recommendation received by Senate
04/03/2007Placed on Calendar
04/04/2007Signed by President as reenrolled
04/04/2007Enacted, Chapter (effective 7/1/07)
04/04/2007House rejected Governor's recommendation (23-Y 73-N)
04/04/2007VOTE: ADOPTION (23-Y 73-N) (see vote tally)
04/04/2007Communicated to Governor
04/10/2007G Approved by Governor-Chapter 942 (effective 7/1/07)
04/12/2007G Acts of Assembly Chapter text (CHAP0942)