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
Date | Action |
---|---|
01/12/2011 | Committee |
01/12/2011 | Prefiled and ordered printed; offered 01/12/11 11103722D |
01/12/2011 | Referred to Committee on Finance |
01/19/2011 | Assigned Finance sub: #3 |
01/29/2011 | Impact statement from TAX (HB2314) |
02/02/2011 | Reported from Finance with substitute (11-Y 8-N) (see vote tally) |
02/02/2011 | Committee substitute printed 11104410D-H1 |
02/04/2011 | Read first time |
02/07/2011 | Read second time |
02/07/2011 | Committee substitute agreed to 11104410D-H1 |
02/07/2011 | Engrossed by House - committee substitute HB2314H1 |
02/08/2011 | Read third time and passed House (54-Y 45-N) |
02/08/2011 | VOTE: PASSAGE (54-Y 45-N) (see vote tally) |
02/09/2011 | Constitutional reading dispensed |
02/09/2011 | Referred to Committee on Finance |
02/10/2011 | Impact statement from TAX (HB2314H1) |
02/15/2011 | Passed by indefinitely in Finance (9-Y 6-N) (see vote tally) |