Education Improvement Scholarships; tax credit for donations by business entities. (HB2314)

Introduced By

Del. Jimmie Massie (R-Richmond)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Income tax; corporate tax credits for donations to nonprofit organizations providing educational scholarships.  Establishes a tax credit beginning in taxable year 2012 for corporations donating cash to nonprofit organizations providing scholarships to students who would have been eligible for the free and reduced lunch program under federal law, in order for them to attend nonpublic elementary or secondary schools. Nonprofit organizations to which donations are made would be required to distribute at least 90 percent of their annual receipts for such scholarships. The tax credit would equal 70 percent of the donation made by the corporation and could be carried forward or back for 15 years. Any corporation taking a charitable deduction on its federal income tax return would be ineligible for this credit.

The Department of Taxation would be responsible for issuing the tax credits. The Department would be allowed to issue up to $25 million in tax credits in each fiscal year of the Commonwealth. Read the Bill »

Status

02/15/2011: Failed to Pass in Committee

History

DateAction
01/12/2011Committee
01/12/2011Prefiled and ordered printed; offered 01/12/11 11103722D
01/12/2011Referred to Committee on Finance
01/19/2011Assigned Finance sub: #3
01/29/2011Impact statement from TAX (HB2314)
02/02/2011Reported from Finance with substitute (11-Y 8-N) (see vote tally)
02/02/2011Committee substitute printed 11104410D-H1
02/04/2011Read first time
02/07/2011Read second time
02/07/2011Committee substitute agreed to 11104410D-H1
02/07/2011Engrossed by House - committee substitute HB2314H1
02/08/2011Read third time and passed House (54-Y 45-N)
02/08/2011VOTE: PASSAGE (54-Y 45-N) (see vote tally)
02/09/2011Constitutional reading dispensed
02/09/2011Referred to Committee on Finance
02/10/2011Impact statement from TAX (HB2314H1)
02/15/2011Passed 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, 7 clips in all, totaling 15 minutes.