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2006 SESSION

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SB 264 College Savings Plan; income tax deductions and sales of prepaid tuition contracts.

Introduced by: J. Brandon Bell, II | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia College Savings Plan; income tax deductions and sales of prepaid tuition contracts. Increases the income tax deduction for payments under prepaid tuition contracts and contributions to savings trust accounts to $3,000 per contract or account beginning January 1, 2006, and to $4,000 per contract or account beginning January 1, 2008. Under current law, the annual deduction may not exceed $2,000 per prepaid tuition contract or savings trust account.

The bill provides that the Board of the Virginia College Savings Plan shall not enter into any prepaid tuition contract on or after July 1, 2008.

FULL TEXT

• 01/10/06  Senate: Prefiled and ordered printed; offered 01/11/06 063390700  pdf | impact statement

HISTORY

• 01/10/06  Senate: Prefiled and ordered printed; offered 01/11/06 063390700
• 01/10/06  Senate: Referred to Committee on Finance
• 02/14/06  Senate: Left in Finance (15-Y 0-N)