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1999 SESSION

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HB 2399 Virginia College Tuition Grant Program and Fund.

Introduced by: John H. Tate, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia College Tuition Grant Program and Fund. Establishes the Virginia College Tuition Grant Program and Fund, to be administered by the State Council of Higher Education. Grants are available to the parents or guardians of resident students enrolled in degree-granting, public four-year institutions of higher education in Virginia. The students must be enrolled on a full-time basis, be claimed as dependents on the parent’s personal income tax forms, and have maintained at least a 2.65 out of a possible 4.0 grade average. Parents may apply for these grants following the completion by the student of a regular academic year. Grants will be $400 per year per student. Council regulations, developed in consultation with the Department of Taxation, will prescribe taxable and academic years, application procedures, and requirements for the submission of relevant personal income tax information. Parents will be able to deduct, from the federal adjusted taxable income in the calculation of the Virginia taxable income, the amount of the grant.


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