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2000 SESSION

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SB 658 Tax credits for contributions to a higher educational institution.

Introduced by: William C. Wampler, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Tax credits; individual income taxes. Provides a credit against individual income taxes for contributions to institutions of higher education and § 501 (c) (3) organizations exempt from federal taxation, provided such contribution is designated for use by such institutions and organizations to provide mentoring, apprenticeships, assistance in meeting the Standards of Learning, or college preparation for youths from low-income families. The credit is limited to $500 for an individual taxpayer and $1,000 for taxpayers filing a joint return. The credit cannot be carried forward to future taxable years or backward to prior taxable years. Any amount claimed as a credit may not also be claimed as an itemized charitable deduction for Virginia individual income tax purposes. The bill is effective for taxable years beginning on and after January 1, 2001.

FULL TEXT

• 01/24/00  Senate: Presented & ordered printed 005660252  pdf

HISTORY

• 01/24/00  Senate: Presented & ordered printed 005660252
• 01/24/00  Senate: Referred to Committee on Finance
• 02/15/00  Senate: Left in Finance