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2000 SESSION

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SB 350 Advantage Virginia Incentive Program; created.

Introduced by: Patricia S. Ticer | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Advantage Virginia Incentive Program created. Creates the Advantage Virginia Incentive Foundation ("Foundation"), the Advantage Virginia Incentive Fund ("Fund"), and the Advantage Incentive Program ("Program"). The Foundation would be a body politic of the Commonwealth and is to be administered by a board of trustees. The members of the board of trustees are to be appointed by the Governor. The Foundation is to establish and administer the Fund, and moneys of the Fund are to be used for awarding scholarships pursuant to the Program. The Program is to be administered by the Virginia Workforce Council, to provide scholarships to students attending two- and four-year public institutions of higher education or private, accredited and nonprofit institutions of collegiate education in the Commonwealth whose primary purpose is to provide collegiate, graduate, or professional education and not to provide religious training or theological education who become employed in "occupational areas where there is high demand for workers in the Commonwealth," as such areas are designated by the Council. The granting of the scholarship to students enrolled in degree programs offered by private, accredited and nonprofit institutions of collegiate education in the Commonwealth whose primary purpose is to provide collegiate, graduate, or professional education and not to provide religious training or theological education mirrors the eligibility requirement under the Tuition Assistance Grant Program. Eligible students can receive scholarships of up to $3,000 per academic year, not to exceed a maximum of $12,000, for tuition, books, and fees. A recipient is required to repay his scholarship by agreeing to become employed in an occupational area where there is high demand for workers in the Commonwealth within one calendar year after his graduation, and to continue thereafter until he has been continuously employed in such area for a period of years equal in number to the years that he has benefited from the Program's scholarship. Students who fail to maintain eligibility during a scholarship year or refuse to fulfill these terms and conditions are required to repay their AVIP scholarship with interest and any penalties the Council assesses. Priority will be given to students (i) who are closest to completing their degree programs, (ii) who demonstrate financial need, and (iii) whose applications were received earliest by the Council. The bill also creates tax credits for contributing to the Fund. The tax credits are available to any individual, estate or trust, partnership, or corporate taxpayers who contributes to the Fund; however, for a taxpayer to receive tax credit, the total sum of the tax contributions at the end of the year has to be equal to or greater than the moneys appropriated by the General Assembly for the Fund for that taxable year. If this matching requirement is not met, the contributors will not receive any tax credit and they will be given the option to have their contributions refunded. The amount of tax credit allowed per taxpayer is in the amount equal to fifty percent of the taxpayer's contribution to the Fund and is not to exceed the amount of tax imposed to the taxpayer in that taxable year. The total amount of the tax credits allowed for a taxable year is $2.5 million. If the total amount exceeds $2.5 million in a taxable year, the tax credit would be distributed on pro rata basis. If the total amount is less than $2.5 million in a taxable year, the unused amount is rolled over to the succeeding taxable year.


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