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1996 SESSION

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SB 473 Income tax, state; deduction for higher education tuition expenses.

Introduced by: Kenneth W. Stolle | all patrons    ...    notes | add to my profiles

SUMMARY:

Individual income tax deduction for qualified higher education tuition expenses. Creates an individual income tax deduction for tuition payments made by a taxpayer to a public or private, two- or four-year college or university in Virginia. The deduction amount for a student's tuition payments is capped at the median tuition at public higher educational institutions, as calculated by the State Board of Higher Education. Tuition is only deductible for students enrolled at a program leading to an associate or baccalaureate degree. Fees and other educational expenses are not deductible. A taxpayer may only deduct tuition payments made on his own behalf or on behalf of his spouse or children if they are claimed as a dependent on the taxpayer's return. The deduction applies for taxable years beginning on and after January 1, 1998.


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