Public/Private Education Investment Tax Credit; created for business entities making contributions. (HB1965)
Introduced By
Del. Chris Saxman (R-Staunton) with support from co-patrons Del. Clay Athey (R-Front Royal), Del. Mark Cole (R-Fredericksburg), Del. Scott Lingamfelter (R-Woodbridge), and Del. Brenda Pogge (R-Williamsburg)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
✓ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
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 percent 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 percent of the contribution with no limit on the dollar amount. The public school foundations are required to disburse annually 90 percent 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 percent of the 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, 2009. Read the Bill »
Status
02/17/2009: Failed to Pass in Committee
History
Date | Action |
---|---|
01/13/2009 | Committee |
01/13/2009 | Prefiled and ordered printed; offered 01/14/09 097838712 |
01/13/2009 | Referred to Committee on Finance |
01/16/2009 | Assigned Finance sub: 3 |
01/16/2009 | Impact statement from TAX (HB1965) |
01/26/2009 | Reported from Finance (12-Y 9-N) (see vote tally) |
01/26/2009 | Referred to Committee on Appropriations |
01/27/2009 | Assigned App. sub: Elementary & Secondary Education (Tata) |
02/03/2009 | Subcommittee recommends reporting with amendment(s) |
02/04/2009 | Reported from Appropriations with amendments (18-Y 5-N) (see vote tally) |
02/06/2009 | Read first time |
02/08/2009 | Passed by for the day |
02/09/2009 | Read second time |
02/09/2009 | Committee amendments agreed to |
02/09/2009 | Engrossed by House as amended HB1965E |
02/09/2009 | Printed as engrossed 097838712-E |
02/10/2009 | Read third time and passed House (50-Y 47-N) |
02/10/2009 | VOTE: --- PASSAGE (50-Y 47-N) (see vote tally) |
02/10/2009 | Impact statement from TAX (HB1965E) |
02/11/2009 | Constitutional reading dispensed |
02/11/2009 | Referred to Committee on Finance |
02/17/2009 | Passed by indefinitely in Finance (10-Y 4-N 1-A) (see vote tally) |