Education improvement scholarships; tax credit, reporting and other requirements. (HB1017)

Introduced By

Del. Jimmie Massie (R-Richmond) with support from co-patron Del. Mark Cole (R-Fredericksburg)

Progress

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

Description

Education improvement scholarships tax credit; reporting and other requirements. Modifies the tax credit by (i) making the current required report of donations qualifying for the credit and scholarships awarded from such donations as of June 30, (ii) increasing from 20 to 40 the number of days by which a scholarship foundation is required to return a preauthorization notice to the Department of Education to certify that a donor has completed his donation to the foundation, (iii) increasing from 14 to 21 the number of days by which a scholarship foundation must convert a donation of marketable securities into cash, and (iv) making clarifying and technical amendments. Under current law, a scholarship foundation must provide a report each year by September 30 to the Department of Education showing the total number and value of donations it received in its most recent fiscal year ended. Under the bill, every scholarship foundation will report on donations received in the 12-month period ending on June 30 of each year. This change will enable the Department of Education to determine whether a scholarship foundation has complied with the statutory requirement to disburse at least 90 percent of its tax-credit-derived funds received during each 12-month period ending on June 30 by the following June 30 for educational scholarships. The bill clarifies that the annual audit, review, or compilation required of a scholarship foundation receiving tax-credit-derived funds is for the foundation's most recent fiscal year ended. Finally, the bill eliminates (a) redundant reporting requirements relating to the total number and dollar value of donations received by a foundation and the total number and dollar amount of educational scholarships awarded by a foundation and (b) the requirement that a scholarship foundation report the percentage of first-time recipients to whom educational scholarships are awarded. Amends § 58.1-439.26, § 58.1-439.28, of the Code of Virginia. Read the Bill »

Status

04/20/2016: enacted

History

DateAction
01/13/2016Committee
01/13/2016Prefiled and ordered printed; offered 01/13/16 16102511D
01/13/2016Referred to Committee on Finance
01/19/2016Assigned to sub: Subcommittee #1
01/19/2016Assigned Finance sub: Subcommittee #1
01/20/2016Impact statement from DOE/COO (HB1017)
01/20/2016Subcommittee recommends reporting (8-Y 2-N)
02/01/2016Reported from Finance with amendment (16-Y 6-N) (see vote tally)
02/02/2016Read first time
02/03/2016Read second time
02/03/2016Committee amendment agreed to
02/03/2016Engrossed by House as amended HB1017E
02/03/2016Printed as engrossed 16102511D-E
02/04/2016Read third time and passed House (66-Y 32-N)
02/04/2016VOTE: PASSAGE (66-Y 32-N) (see vote tally)
02/05/2016Constitutional reading dispensed
02/05/2016Referred to Committee on Finance
02/08/2016Impact statement from DOE/COO (HB1017E)
03/02/2016Reported from Finance (11-Y 3-N) (see vote tally)
03/03/2016Constitutional reading dispensed (40-Y 0-N) (see vote tally)
03/03/2016Read third time
03/03/2016Passed Senate (21-Y 19-N) (see vote tally)
03/07/2016Enrolled
03/07/2016Bill text as passed House and Senate (HB1017ER)
03/07/2016Impact statement from DPB (HB1017ER)
03/07/2016Signed by Speaker
03/09/2016G Governor's Action Deadline Midnight, Monday, April 11, 2016
03/09/2016Signed by President
03/09/2016Enrolled Bill communicated to Governor on 3/9/2016
03/09/2016G Governor's Action Deadline Midnight, Sunday, April 10, 2016
04/06/2016Governor's recommendation received by House
04/20/2016Placed on Calendar
04/20/2016House concurred in Governor's recommendation (93-Y 2-N)
04/20/2016VOTE: ADOPTION (93-Y 2-N)
04/20/2016Senate concurred in Governor's recommendation (38-Y 1-N)
04/20/2016G Governor's recommendation adopted
04/20/2016Reenrolled
04/20/2016Reenrolled bill text (HB1017ER2)
04/20/2016Signed by Speaker as reenrolled
04/20/2016Signed by President as reenrolled
04/20/2016Enacted, Chapter 751 (effective 7/1/16)
04/20/2016G Acts of Assembly Chapter text (CHAP0751)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 3 clips in all, totaling 3 minutes.

Transcript

This is a transcript of the video clips in which this bill is discussed.

DO ANY OF THE SENATORS DESIRE TO CHANGE THEIR VOTE? PRESIDENT: THE CLERK WILL CLOSE THE ROLL. Clerk: AYES 37, NOS TWO. President: THE BILL PASSES. Clerk: HOUSE BILL 883, A BILL RELIGION TO COMPREHENSIVE PLANS, REPORTED FROM THE COMMITTEE ON LOCAL GOVERNMENT. President: THE SENATOR FROM FRANKLIN. CAN HOUSE BILL 883 GO BY FOR THE DAY, SIR?

Del. Bill Howell (R-Fredericksburg): President: WITHOUT OBJECTION, HOUSE BILL 883 WILL GO BY FOR THE DAY.

[Unknown]: Clerk: HOUSE BILL 1017, A BILL RELATING TO EDUCATION IMPROVEMENT SCHOLARSHIPS TAX CREDITS, REPORTED FROM THE COMMITTEE ON FINANCE. President: THE SENATOR FROM AUGUSTA, SENATOR HANGER. I MOVE THAT THE BILL PASS, AND I'D SPEAK TO THAT? President: THE SENATOR HAS THE FLOOR. MANY OF YOU ARE WELL AWARE OF THE EDUCATION IMPROVEMENT SCHOLARSHIP TAX CREDIT THAT WE CREATED SEVERAL YEARS AGO. THIS BILL IS AN ATTEMPT, AFTER A COUPLE OF YEARS OF EXPERIENCE, PERHAPS THREE YEARS OF EXPERIENCE NOW, TO GO BACK AND REFINE IT A BIT. IT METHOD I IDENTIFIES THE TAX CREDIT BY MAKING THE REQUIRED -- REPORTED DONATIONS, QUALIFY THEM FOR THE CREDIT SCHOLARSHIPS ORDER FROM SUCH DONATION, INCREASES FROM 20 TO 40% THE NUMBER OF DAYS BY WHICH A FOUNDATION IS REQUIRED TO RETURN A PREAUTHORIZATION NOTICE AND SEVERAL OTHER TECHNICAL CHANGES, MR. PRESIDENT. AND I EXPECT THAT THERE WILL BE INDIVIDUALS WHO DON'T SUPPORT THIS PARTICULAR PROGRAM THAT WOULD WANT TO VOTE AGAINST IT BUT I WOULD HOPE IT WOULD BE THE PLEASURE OF THE SENATE TO PASS


Del. Jimmie Massie (R-Richmond): FOUNDATION WHEN THEY DIDN'T GET THE MONEY OUT FOR SCHOLARSHIPS ON TIME, FROM 200%, I DIDN'T WANT TO BE PUNITIVE, DOWN TO 100%. THE GOVERNOR DISAGREED WITH THAT AND HE INCREASED THE FINE BACK TO 200% IN HIS AMENDMENTS. WHILE I DON'T PARTICULARLY AGREE WITH THAT, I LIKE THE BILL OVERALL AND I WOULD LIKE TO SUGGEST THAT WE ACCEPT THE GOVERNOR'S RECOMMENDATION.

[Unknown]: Speaker: SHALL THE HOUSE AGREE TO THE RECOMMENDATIONS OF THE GOVERNOR? [ BELL ]

Del. Jimmie Massie (R-Richmond): Speaker: THE CLERK WILL CLOSE THE ROLL.

[Unknown]: Clerk: AYES 93, NOS TWO.

Del. Bill Howell (R-Fredericksburg): Speaker: THE RECOMMENDATIONS ARE AGREED TO.

[Unknown]: Clerk: NOW TURNING TO PAGE 40