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2005 SESSION

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HB 2914 Public/Private Education Investment Tax Credit Act; created.

Introduced by: Christopher B. Saxman | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; Virginia Education Investment Act. Provides tax credits to businesses and individuals who make contributions to public school foundations and scholarship foundations. The tax credit for a business entity is an amount equal to 25 percent of the contribution to a nonprofit education foundation (public school foundations and scholarship foundations). For individual taxpayers the tax credit is an amount equal to 25 percent of the contribution to a nonprofit education foundation, or the total education expenses paid by the taxpayer for a student who is claimed as a dependent by the individual taxpayer. The amount for the individual taxpayer shall not exceed $800 annually or $1,200 for those filing a joint return. The credit would be applicable to taxable years beginning on and after January 1, 2006.

FULL TEXT

• 01/21/05  House: Presented & ordered printed 053170496  pdf | impact statement

HISTORY

• 01/21/05  House: Presented & ordered printed 053170496
• 01/21/05  House: Referred to Committee on Finance
• 01/27/05  House: Assigned to Finance sub-committee: #1
• 02/02/05  House: Tabled in Finance (22-Y 0-N)