Income tax, state; tax credit for Neighborhood Assistance Act, Education Improvement Scholarships. (HB2431)
Introduced By
Del. Will Morefield (R-North Tazewell)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
✓ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax credits; Neighborhood Assistance Act; Education Improvement Scholarships. Makes several amendments to expand the availability of the Neighborhood Assistance Act Tax Credit and Education Improvement Scholarships Tax Credits (EISTC). The bill makes subject to judicial appeal the decisions of the Department of Education and the Department of Social Services regarding the qualification of a scholarship foundation or the awarding of tax credits; currently, such decisions are final. The bill provides that the annual allocation of tax credits among neighborhood organizations shall not rely solely on the amount of credits awarded in the previous year. For the EISTC, the bill allows certified public accountants to receive tax credits for donations of accounting services to scholarship organizations. The bill also authorizes scholarship foundations, which are the sole recipient of funding from the issuance of EISTC, to receive funding for scholastic assistance, defined in the bill as counseling or supportive services. Under current law, scholarship foundations may receive EISTC funding only for the purpose of providing scholarships. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/18/2023 | Presented and ordered printed 23103766D |
01/18/2023 | Referred to Committee on Finance |
01/25/2023 | Assigned Finance sub: Subcommittee #3 |
01/26/2023 | Impact statement from TAX (HB2431) |
01/30/2023 | Subcommittee recommends reporting (6-Y 0-N) |
02/01/2023 | Reported from Finance (13-Y 9-N) (see vote tally) |
02/03/2023 | Read first time |
02/06/2023 | Read second time and engrossed |
02/07/2023 | Read third time and passed House (55-Y 44-N) |
02/07/2023 | VOTE: Passage (55-Y 44-N) (see vote tally) |
02/08/2023 | Constitutional reading dispensed |
02/08/2023 | Referred to Committee on Finance and Appropriations |
02/14/2023 | Reported from Finance and Appropriations (11-Y 5-N) (see vote tally) |
02/14/2023 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/15/2023 | Read third time |
02/15/2023 | Motion to recommit to committee agreed to (22-Y 18-N) (see vote tally) |
02/15/2023 | Recommitted to Finance and Appropriations |
02/16/2023 | Failed to report (defeated) in Finance and Appropriations (7-Y 8-N) (see vote tally) |