SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1999 SESSION
SB 919 Savings trust accounts; income tax deduction.
Introduced by: William C. Mims | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Savings trust accounts; income tax deduction. Authorizes the Board of the Higher Education Tuition Trust Fund to create a savings trust account program pursuant to § 529 of the Internal Revenue Code. Savings trust accounts will be offered in addition to the existing prepaid tuition contracts. The measure also establishes an individual income tax deduction for amounts contributed to a savings trust account. The amount of the deduction shall not exceed $2,000 per savings trust account in any taxable year. Unused portions of the deduction may be carried forward until the contribution has been fully deducted. The tax deduction is effective for taxable years beginning on and after January 1, 1999. The estimated decrease of revenue attributable to this act shall be considered as receipts or amounts actually collected for purposes of the calculations required by the Personal Property tax Relief Act of 1998. The existing Freedom of Information Act exemptions for the prepaid tuition contract program are extended to apply to savings trust accounts.
FULL TEXT
- 01/15/99 Senate: Presented & ordered printed 995221809 pdf
- 02/04/99 Senate: Printed as engrossed 995221809-E pdf
- 02/26/99 Senate: Bill text as passed Senate and House (SB919ER) pdf
- 04/02/99 Governor: Acts of Assembly Chapter text (CHAP0485) pdf
AMENDMENTS
HISTORY
- 01/15/99 Senate: Presented & ordered printed 995221809
- 01/15/99 Senate: Referred to Committee on Finance
- 02/02/99 Senate: Reported from Finance with amendment (17-Y 0-N)
- 02/03/99 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/03/99 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/04/99 Senate: Read second time
- 02/04/99 Senate: Reading of amendment waived
- 02/04/99 Senate: Committee amendment agreed to
- 02/04/99 Senate: Engrossed by Senate as amended
- 02/04/99 Senate: Printed as engrossed 995221809-E
- 02/04/99 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/04/99 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/04/99 Senate: Passed Senate (40-Y 0-N)
- 02/04/99 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 02/04/99 Senate: Communicated to House
- 02/06/99 House: Placed on Calendar
- 02/07/99 House: Read first time
- 02/07/99 House: Referred to Committee on Finance
- 02/08/99 House: Assigned to Finance sub-committee: 1
- 02/16/99 House: Reported from Finance (24-Y 0-N)
- 02/17/99 House: Constitutional reading dispensed
- 02/17/99 House: Read third time
- 02/17/99 House: Passed House (Block Vote) (99-Y 0-N)
- 02/17/99 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/26/99 Senate: Bill text as passed Senate and House (SB919ER)
- 03/01/99 Senate: Enrolled
- 03/01/99 House: Signed by Speaker
- 03/03/99 Senate: Signed by President
- 03/27/99 Governor: Approved by Governor-Chapter 485 (effective 7/1/99)
- 04/02/99 Governor: Acts of Assembly Chapter text (CHAP0485)