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2012 SESSION
HB 321 Income tax, corporate; tax credits for donations to non-profit organizations, etc.
Introduced by: James P. "Jimmie" Massie, III | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Tax credits; assistance to low-income families, scholarships for K through 12 students attending private schools. Establishes a credit beginning in taxable year 2013 for individuals, business entities, and corporations making monetary donations to nonprofit organizations providing education improvement scholarships to students whose family's annual household income is not in excess of 300 percent of the current poverty guidelines and certain students with disabilities, 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 each donation in the form of scholarships to such students. The credit would equal 65 percent of the donation made. Any unused credit for the taxable year could be carried forward for five years. There is an annual cap of $25 million in tax credits for the scholarship program. The Department of Education would administer the tax credit program.
The bill also expands the current Neighborhood Assistance Act Tax Credit program by increasing the tax credit percentage from 40 to 65 percent; raising the total cap on the program from $11.9 million to $15 million and raising the cap on education proposals from $4.9 million to $8 million; expanding the eligibility criteria for programs qualifying for tax credits to encompass programs providing services to certain students with disabilities and individuals whose family's annual household income is not in excess of 300 percent of the poverty guidelines; raising the cap on tax credits for neighborhood organizations and affiliates to $825,000; allowing unused credits at the end of the year to be distributed to neighborhood organizations that had previously met the cap on tax credits; and extending the sunset for the program to July 1, 2017.
FULL TEXT
- 01/10/12 House: Prefiled and ordered printed; offered 01/11/12 12101085D pdf | impact statement
- 02/13/12 House: Printed as engrossed 12101085D-E pdf | impact statement
- 02/28/12 Senate: Committee substitute printed 12105687D-S1 pdf
- 03/05/12 House: Bill text as passed House and Senate (HB321ER) pdf | impact statement
- 04/18/12 House: Reenrolled bill text (HB321ER2) pdf
- 05/18/12 Governor: Acts of Assembly Chapter text (CHAP0842) pdf
AMENDMENTS
HISTORY
- 01/10/12 House: Prefiled and ordered printed; offered 01/11/12 12101085D
- 01/10/12 House: Referred to Committee on Appropriations
- 01/16/12 House: Referred from Appropriations by voice vote
- 01/16/12 House: Referred to Committee on Finance
- 02/07/12 House: Assigned Finance sub: #3
- 02/10/12 House: Subcommittee recommends reporting with amendment(s) (4-Y 1-N)
- 02/10/12 House: Reported from Finance with amendments (15-Y 7-N)
- 02/12/12 House: Read first time
- 02/13/12 House: Read second time
- 02/13/12 House: Committee amendments agreed to
- 02/13/12 House: Engrossed by House as amended HB321E
- 02/13/12 House: Printed as engrossed 12101085D-E
- 02/14/12 House: Read third time and passed House (64-Y 35-N)
- 02/14/12 House: VOTE: PASSAGE (64-Y 35-N)
- 02/15/12 Senate: Constitutional reading dispensed
- 02/15/12 Senate: Referred to Committee on Finance
- 02/28/12 Senate: Committee substitute printed 12105687D-S1
- 02/28/12 Senate: Reported from Finance with substitute (8-Y 6-N)
- 02/29/12 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/29/12 Senate: Read third time
- 02/29/12 Senate: Reading of substitute waived
- 02/29/12 Senate: Committee substitute agreed to 12105687D-S1
- 02/29/12 Senate: Engrossed by Senate - committee substitute HB321S1
- 02/29/12 Senate: Passed Senate with substitute (20-Y 20-N)
- 02/29/12 Senate: Chair votes Yes
- 02/29/12 House: Placed on Calendar
- 02/29/12 House: Passed by temporarily
- 02/29/12 House: Senate substitute agreed to by House 12105687D-S1 (54-Y 37-N)
- 02/29/12 House: VOTE: ADOPTION (54-Y 37-N)
- 03/05/12 House: Enrolled
- 03/05/12 House: Bill text as passed House and Senate (HB321ER)
- 03/05/12 House: Signed by Speaker
- 03/07/12 Senate: Signed by President
- 04/09/12 House: Governor's recommendation received by House
- 04/17/12 House: Placed on Calendar
- 04/18/12 House: House concurred in Governor's recommendation #'s 1, 2, 3 and 5 (58-Y 37-N)
- 04/18/12 House: VOTE: ADOPTION (58-Y 37-N)
- 04/18/12 House: House rejected Governor's recommendation # 4 (1-Y 93-N)
- 04/18/12 House: VOTE: REJECTED (1-Y 93-N)
- 04/18/12 Senate: Senate concurred in Governor's recommendation (19-Y 19-N)
- 04/18/12 Senate: Chair vote Yes
- 04/18/12 Governor: Governor's recommendation adopted in-part
- 04/18/12 House: Communicated to Governor
- 04/18/12 House: Reenrolled
- 04/18/12 House: Reenrolled bill text (HB321ER2)
- 04/18/12 House: Signed by Speaker as reenrolled
- 04/18/12 Senate: Signed by President as reenrolled
- 05/18/12 House: Enacted, Chapter 842 (effective 7/1/12)
- 05/18/12 Governor: Acts of Assembly Chapter text (CHAP0842)