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2002 SESSION

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HB 1356 Income tax credits for school tuition organization contributions.

Introduced by: M. Kirkland Cox | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax credits for school tuition organization contributions; the Virginia Children's Educational Opportunity Act 2002. Establishes an income tax credit for cash donations to a charitable tax-exempt corporation in Virginia that (i) provides financial assistance up to $3,100 per child for the education of children from low-income and non low-income households, and (ii) expends all of certain cash contributions as grants to cover qualifying educational expenses of such children. Support for home schooling is limited to $550 per child. The maximum amount of the annual credit is $500 or the amount of tax owed by the taxpayer, whichever is less. Such contributions cannot be designated for the direct benefit of a specific child and all contributions cannot be expended on students of one school. The tax credit becomes effective for taxable years beginning on or after January 1, 2003. The Department of Taxation is required to promulgate regulations to implement these credits, including providing the format for a standardized receipt to be issued by school tuition organizations and qualifying schools.


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