Income tax, corporate; tax credits for donations to non-profit organizations, etc. (SB131)

Introduced By

Sen. Bill Stanley (R-Moneta) with support from co-patrons Sen. Dick Black (R-Leesburg), Sen. Ryan McDougle (R-Mechanicsville), and Sen. Mark Obenshain (R-Harrisonburg)

Progress

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

Description

Income tax; educational improvement scholarships. Establishes a credit beginning in taxable year 2013 for corporations donating cash to nonprofit organizations providing education improvement scholarships to students who would have been eligible for the free and reduced-price 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 credit would equal 70 percent of the donation made by the corporation and would be refundable. Any corporation taking a charitable deduction on its federal income tax return would be required to add that amount back to its Virginia taxable income in order to receive this credit. There is a $25 million cap for the credits. Amends § 58.1-439.25, § 58.1-439.28, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

  • 01/10/2012 Prefiled and ordered printed; offered 01/11/12
  • 01/10/2012 Prefiled and ordered printed; offered 01/11/12 12102635D
  • 01/10/2012 Referred to Committee on Finance
  • 02/07/2012 Impact statement from TAX (SB131)
  • 02/14/2012 Reported from Finance with substitute (8-Y 7-N) (see vote tally)
  • 02/14/2012 Committee substitute printed 12105426D-S1
  • 02/14/2012 Incorporates SB241
  • 02/15/2012 Read first time
  • 02/16/2012 Read second time
  • 02/16/2012 Reading of substitute waived
  • 02/16/2012 Committee substitute agreed to 12105426D-S1
  • 02/16/2012 Engrossed by Senate - committee substitute SB131S1
  • 02/17/2012 Read third time and passed Senate (20-Y 20-N) (see vote tally)
  • 02/17/2012 Chair votes Yes
  • 02/20/2012 Placed on Calendar
  • 02/20/2012 Read first time
  • 02/20/2012 Referred to Committee on Finance
  • 02/20/2012 Assigned Finance sub: #3
  • 02/27/2012 Impact statement from TAX (SB131S1)
  • 02/27/2012 Reported from Finance (13-Y 8-N) (see vote tally)
  • 02/28/2012 Read second time
  • 02/29/2012 Read third time
  • 02/29/2012 Passed House (57-Y 40-N)
  • 02/29/2012 VOTE: PASSAGE (57-Y 40-N) (see vote tally)
  • 03/05/2012 Enrolled
  • 03/05/2012 Bill text as passed Senate and House (SB131ER)
  • 03/05/2012 Signed by Speaker
  • 03/07/2012 Signed by President
  • 03/21/2012 Impact statement from TAX (SB131ER)
  • 04/09/2012 G Approved by Governor-Chapter 731 (effective 7/1/12)
  • 04/09/2012 G Acts of Assembly Chapter text (CHAP0731)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 1 hour.