SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2011 SESSION
HB 2314 Education Improvement Scholarships; tax credit for donations by business entities.
Introduced by: James P. "Jimmie" Massie, III | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Income tax; educational improvement scholarships. Establishes a credit beginning in taxable year 2012 for corporations donating cash to nonprofit organizations providing education improvement scholarships to students who would have been eligible for the free and reduced lunch program under federal law, in order for them to attend nonpublic elementary or secondary schools. Nonprofit organizations to which donations are made would be required to distribute at least 90 percent of their annual receipts for such scholarships. The credit would equal 70 percent of the donation made by the corporation and could be carried forward or back for 15 years. Any corporation taking a charitable deduction on its federal income tax return would be required to add that amount back to its Virginia taxable income in order to receive this credit. There is a $25 million cap for the credits.
FULL TEXT
- 01/12/11 House: Prefiled and ordered printed; offered 01/12/11 11103722D pdf | impact statement
- 02/02/11 House: Committee substitute printed 11104410D-H1 pdf | impact statement
HISTORY
- 01/12/11 House: Prefiled and ordered printed; offered 01/12/11 11103722D
- 01/12/11 House: Referred to Committee on Finance
- 01/19/11 House: Assigned Finance sub: #3
- 02/02/11 House: Reported from Finance with substitute (11-Y 8-N)
- 02/02/11 House: Committee substitute printed 11104410D-H1
- 02/04/11 House: Read first time
- 02/07/11 House: Read second time
- 02/07/11 House: Committee substitute agreed to 11104410D-H1
- 02/07/11 House: Engrossed by House - committee substitute HB2314H1
- 02/08/11 House: Read third time and passed House (54-Y 45-N)
- 02/08/11 House: VOTE: PASSAGE (54-Y 45-N)
- 02/09/11 Senate: Constitutional reading dispensed
- 02/09/11 Senate: Referred to Committee on Finance
- 02/15/11 Senate: Passed by indefinitely in Finance (9-Y 6-N)