SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1998 SESSION

  • | print version

SB 268 Income tax; deduction of Higher Edu. Tuition Trust Fund.

Introduced by: Benjamin J. Lambert III | all patrons    ...    notes | add to my profiles

SUMMARY:

Income tax deduction; obligations of the Virginia Higher Education Tuition Trust Fund. Establishes an individual income tax deduction for the amount paid for a prepaid tuition contract entered into with the Virginia Higher Education Tuition Trust Fund, not to exceed $2,000 per contract in any taxable year. Unused portions of the deduction may be carried forward until the purchase price has been fully deducted. The deduction may be taken beginning in taxable years beginning on and after January 1, 1998, for contracts purchased between January 1, 1996, and January 1, 1998. The measure also requires the Governor to include in the budget bill a sum sufficient appropriation for the purpose of ensuring that the Fund can meet its current obligations for the payment of contract benefits or other obligations, the maintenance of the Fund, and operating expenses for the current biennium.


FULL TEXT

HISTORY