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2001 SESSION
HB 1242 Tax credits for contributions to a higher educational institution.
Introduced by: Robert D. (Bobby) Orrock, Sr. | 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 backwards 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
HISTORY
- 01/24/00 House: Presented & ordered printed 005659252
- 01/24/00 House: Referred to Committee on Finance
- 01/26/00 House: Assigned to Finance sub-committee: 2
- 02/13/00 House: Continued to 2001 in Finance (23-Y 0-N)
- 12/20/00 House: Tabled in Finance (20-Y 0-N)