Virginia College Equity Foundation and Fund; established. (SB466)

Introduced By

Sen. Scott Surovell (D-Mount Vernon)

Description

Virginia College Savings Plan; Virginia College Equity Foundation and Fund. Directs the Board of the Virginia College Savings Plan to invest the surplus from the fund for prepaid tuition contracts, if any, in the Virginia College Equity Fund (the Fund), established by the bill. The bill provides that financial management of the Fund is the responsibility of the Board of the Virginia College Savings Plan but authorizes the board of the Virginia College Equity Foundation, also established by the bill, to manage a scholarship program funded by the Fund. The bill establishes an individual and corporate income tax subtraction for donations to the Fund. Under the bill, the program provides scholarships to students at Virginia's nonlegacy public universities. Scholarships are available only to students who attend a nonlegacy university, likely would have been denied admission to a public institution of higher education prior to 1900 based on admission criteria in effect at the time, meet the income requirements for a Pell Grant, and commit to working in Virginia for at least eight years after graduation. Read the Bill »

Outcome

History