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2011 SESSION

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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.


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