Income tax, state; Public/Private Education Investment Tax Credit, created. (HB599)
Introduced By
Del. Jimmie Massie (R-Richmond)
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, 2011. Read the Bill »
Status
02/24/2010: Failed to Pass in Committee
History
Date | Action |
---|---|
01/12/2010 | Committee |
01/12/2010 | Prefiled and ordered printed; offered 01/13/10 10103472D |
01/12/2010 | Referred to Committee on Finance |
01/19/2010 | Assigned Finance sub: #3 |
01/23/2010 | Impact statement from TAX (HB599) |
01/25/2010 | Assigned Finance sub: #3 |
01/29/2010 | Subcommittee recommends reporting (4-Y 0-N) |
01/29/2010 | Subcommittee recommends referring to Committee on Appropriations |
02/01/2010 | Reported from Finance with substitute (14-Y 7-N) (see vote tally) |
02/01/2010 | Committee substitute printed 10104786D-H1 |
02/01/2010 | Referred to Committee on Appropriations |
02/04/2010 | Assigned App. sub: Elementary and Secondary |
02/09/2010 | Impact statement from TAX (HB599H1) |
02/10/2010 | Subcommittee recommends reporting with amendment(s) (5-Y 3-N) |
02/12/2010 | Reported from Appropriations with substitute (13-Y 8-N) (see vote tally) |
02/12/2010 | Committee substitute printed 10105350D-H2 |
02/14/2010 | Read first time |
02/15/2010 | Read second time |
02/15/2010 | Committee substitute from Finance rejected 10104786D-H1 |
02/15/2010 | Committee substitute from Appropriations agreed to 10105350D-H2 |
02/15/2010 | Engrossed by House - committee substitute HB599H2 |
02/16/2010 | Read third time and passed House (55-Y 44-N) |
02/16/2010 | VOTE: --- PASSAGE (55-Y 44-N) (see vote tally) |
02/17/2010 | Constitutional reading dispensed |
02/17/2010 | Referred to Committee on Finance |
02/19/2010 | Impact statement from TAX (HB599H2) |
02/22/2010 | Impact statement from TAX (HB599H2) |
02/24/2010 | Passed by indefinitely in Finance (9-Y 6-N) (see vote tally) |