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2000 SESSION
HB 438 Certain college tuition savings initiatives.
Introduced by: Vincent F. Callahan, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Certain college tuition savings initiatives. Changes the name of the Virginia Higher Education Tuition Trust Fund to the Virginia College Savings Plan; removes contributors to a savings trust account within the Plan who are age 70 and over from the requirement that deductions for such contributions not exceed $2,000 (a benefit currently afforded purchasers of prepaid tuition contracts); and broadens the definition of the Virginia fiduciary adjustment, for estate tax purposes, to include the state income tax deduction permitted for purchases of prepaid tuition contracts and contributions to savings trust accounts within the Plan. The measure is effective for taxable years beginning on and after January 1, 2000. This bill is identical to SB 359.
SUMMARY AS INTRODUCED:
Certain college tuition savings initiatives. Changes the name of the Virginia Higher Education Tuition Trust Fund to the Virginia College Savings Plan; removes contributors to a savings trust account within the Plan who are age 70 and over from the requirement that deductions for such contributions not exceed $2,000 (a benefit currently afforded purchasers of prepaid tuition contracts); and broadens the definition of the Virginia fiduciary adjustment, for estate tax purposes, to include the state income tax deduction permitted for purchases of prepaid tuition contracts and contributions to savings trust accounts within the Plan.
The measure is effective for taxable years beginning on and after January 1, 2000.