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1999 SESSION

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HB 2694 Advantage Virginia Incentive Program (AVIP) created.

Introduced by: James M. Scott | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Advantage Virginia Incentive Program (AVIP) created. Creates AVIP, to be administered by the Statewide Workforce Advisory Council, to provide scholarships to students attending two- and four-year public institutions of higher education in Virginia who become employed in “occupational areas of high demand in the Commonwealth,” as such areas are designated by the Council. Eligible students can receive scholarships of up to $2500 per academic year, not to exceed a maximum of $10,000, for tuition, books, and fees. A recipient is required to repay his scholarship by agreeing to become employed in an occupational area of high demand in the Commonwealth within one calendar year after his graduation, and continue thereafter until he has been continuously employed in such area for a period of years equal in number to the years that he has benefited from an AVIP scholarship. Students who fail to maintain eligibility during a scholarship year or refuse to fulfill these terms and conditions are required to repay their AVIP scholarship with interest and any penalties the Council assesses. The bill also establishes the Advantage Virginia Incentive Fund to be a repository for AVIP scholarship funds and creates a state tax credit, not to exceed $100,000, for any individual, estate or trust, partnership, or corporate taxpayer who contributes to the Fund.


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