Commonwealth Competitiveness Fund; established, tax credits for contributions. (SB963)

Introduced By

Sen. Adam Ebbin (D-Alexandria)

Progress

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

Description

Tax credits for contributions to the Commonwealth Competitiveness Fund. Establishes the Commonwealth Competitiveness Fund (the Fund) and provides that a taxpayer shall receive an income tax credit in the amount of 90 percent of his contribution to the Fund starting with taxable year 2018. The bill provides that moneys in the fund shall be used for exclusively public purposes and shall be subject to appropriation by the General Assembly; however, 10 percent of the money in the Fund shall be reallocated to the at-risk add-on based on the concentration of children qualifying for the federal Free Lunch Program. The bill provides that the credit shall not exceed the taxpayer's tax liability. The bill provides that a taxpayer may not claim a charitable deduction for state tax purposes if he claims a credit under the bill for the same donation to the Commonwealth Competitiveness Fund. The bill provides that if a federal agency or federal court issues a public ruling, regulation, or court decision that limits the amount allowed for federal tax purposes under the federal charitable contribution deduction, the amount of the state credit shall be limited to the amount as determined by the federal agency or court. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/19/2018Presented and ordered printed 18105099D
01/19/2018Referred to Committee on Finance
01/29/2018Impact statement from TAX (SB963)
01/31/2018Failed to report (defeated) in Finance (4-Y 12-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 27 seconds.