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2008 SESSION
HB 1164 Income tax, corporate; public/private education investment tax credit.
Introduced by: Christopher B. Saxman | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Income tax; Public/Private Education Investment tax credit. Creates income tax credits for business entities and individual taxpayers who make contributions to eligible public school foundations and eligible scholarship foundations. For individual taxpayers, the amount of the annual credit is 100 percent of the contribution but may not exceed $800 for individual taxpayers and $1,200 for married taxpayers filing jointly. The amount of the annual credit for business entities is 90 percent of the contribution with no limit on the dollar amount. The public school foundations are required to disburse annually 90 percent of the contributions for capital improvement projects approved by the local school board and for extracurricular activities. The scholarship foundations are required to disburse 90 percent of the contributions for qualified educational expenses through scholarships.
There is a $20 million cap on total tax credits awarded annually, with $10 million allocated for contributions made to public school foundations and $10 million allocated for contributions made to scholarship foundations. The credit would be effective for taxable years beginning on and after January 1, 2010. No tax credit shall be approved until teacher salaries meet the national average and until the Commonwealth attains the standards of quality for public education.
FULL TEXT
- 01/09/08 House: Prefiled and ordered printed; offered 01/09/08 080614712 pdf | impact statement
- 02/11/08 House: Printed as engrossed 080614712-E pdf | impact statement
AMENDMENTS
HISTORY
- 01/09/08 House: Prefiled and ordered printed; offered 01/09/08 080614712
- 01/09/08 House: Referred to Committee on Finance
- 01/15/08 House: Assigned Finance sub: 3
- 01/28/08 House: Reported from Finance (13-Y 7-N)
- 01/29/08 House: Read first time
- 01/30/08 House: Motion to refer to committee agreed to
- 01/30/08 House: Referred to Committee on Appropriations
- 02/01/08 House: Assigned App. sub: Elementary & Secondary Education (Tata)
- 02/06/08 House: Reported from Appropriations with amendments (15-Y 9-N)
- 02/08/08 House: Read first time
- 02/11/08 House: Read second time
- 02/11/08 House: Committee amendments agreed to
- 02/11/08 House: Amendment by Delegate Moran agreed to (81-Y 9-N)
- 02/11/08 House: VOTE: --- ADOPTION (81-Y 9-N)
- 02/11/08 House: Amendment by Delegate Armstrong agreed to
- 02/11/08 House: Pending question ordered
- 02/11/08 House: Engrossed by House as amended HB1164E
- 02/11/08 House: Printed as engrossed 080614712-E
- 02/12/08 House: Read third time and passed House (52-Y 46-N)
- 02/12/08 House: VOTE: --- PASSAGE (52-Y 46-N)
- 02/12/08 House: Reconsideration of passage agreed to by House
- 02/12/08 House: Passed House (50-Y 48-N 1-A)
- 02/12/08 House: VOTE: --- PASSAGE #2 (50-Y 48-N 1-A)
- 02/12/08 House: Communicated to Senate
- 02/13/08 Senate: Constitutional reading dispensed
- 02/13/08 Senate: Referred to Committee on Finance
- 02/26/08 Senate: Failed to report (defeated) in Finance (3-Y 11-N)