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

DateAction
01/12/2010Committee
01/12/2010Prefiled and ordered printed; offered 01/13/10 10103472D
01/12/2010Referred to Committee on Finance
01/19/2010Assigned Finance sub: #3
01/23/2010Impact statement from TAX (HB599)
01/25/2010Assigned Finance sub: #3
01/29/2010Subcommittee recommends reporting (4-Y 0-N)
01/29/2010Subcommittee recommends referring to Committee on Appropriations
02/01/2010Reported from Finance with substitute (14-Y 7-N) (see vote tally)
02/01/2010Committee substitute printed 10104786D-H1
02/01/2010Referred to Committee on Appropriations
02/04/2010Assigned App. sub: Elementary and Secondary
02/09/2010Impact statement from TAX (HB599H1)
02/10/2010Subcommittee recommends reporting with amendment(s) (5-Y 3-N)
02/12/2010Reported from Appropriations with substitute (13-Y 8-N) (see vote tally)
02/12/2010Committee substitute printed 10105350D-H2
02/14/2010Read first time
02/15/2010Read second time
02/15/2010Committee substitute from Finance rejected 10104786D-H1
02/15/2010Committee substitute from Appropriations agreed to 10105350D-H2
02/15/2010Engrossed by House - committee substitute HB599H2
02/16/2010Read third time and passed House (55-Y 44-N)
02/16/2010VOTE: --- PASSAGE (55-Y 44-N) (see vote tally)
02/17/2010Constitutional reading dispensed
02/17/2010Referred to Committee on Finance
02/19/2010Impact statement from TAX (HB599H2)
02/22/2010Impact statement from TAX (HB599H2)
02/24/2010Passed by indefinitely in Finance (9-Y 6-N) (see vote tally)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 1 minute.