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2001 SESSION

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SB 867 Income tax; credit for tuition at institutions of higher education.

Introduced by: Yvonne B. Miller | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Individual income tax; credit for tuition at institutions of higher education. Provides a credit against individual income taxes for tuition-related expenses at institutions of higher education beginning January 1, 2001. For any taxable year beginning before January 1, 2003, the credit amount is equal to 20 percent of the first $5,000 of tuition-related expenses. For any taxable year beginning on or after January 1, 2003, the credit amount is equal to 20 percent of the first $10,000 of tuition-related tuition expenses. Only those taxpayers with a total combined federal adjusted gross income of $40,000 or less may claim the credit. No credit may be taken for tuition paid (i) under a prepaid tuition contract; (ii) by means of scholarships that are excluded from federal adjusted gross income; or (iii) certain payments made on behalf of the individual that are excluded from federal adjusted gross income. Any unused credit may be carried forward for five taxable years.


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