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2016 SESSION

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HB 1017 Education improvement scholarships; tax credit, reporting and other requirements.

Introduced by: James P. "Jimmie" Massie, III | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Education improvement scholarships tax credit; reporting and other requirements. Modifies the tax credit by (i) making the current required report based upon donations qualifying for the credit and scholarships awarded from such donations as of June 30 of the prior calendar year, (ii) increasing from 20 to 40 the number of days by which a scholarship foundation is required to return a preauthorization notice to the Department of Education to certify that a donor has completed his donation to the foundation, (iii) increasing from 14 to 21 the number of days by which a scholarship foundation must convert a donation of marketable securities into cash, and (iv) making clarifying and technical amendments.Under current law, a scholarship foundation must provide a report each year by September 30 to the Department of Education showing the total number and value of donations it received in its most recent fiscal year ended. Under the bill, every scholarship foundation will report on donations received in the 12-month period ending on June 30 of each year. This change will enable the Department of Education to determine whether a scholarship foundation has complied with the statutory requirement to disburse at least 90 percent of its tax-credit-derived funds received during each 12-month period ending on June 30 by the following June 30 for educational scholarships.

The bill clarifies that the annual audit, review, or compilation required of a scholarship foundation receiving tax-credit-derived funds is for the foundation's most recent fiscal year ended. Finally, the bill eliminates (a) redundant reporting requirements relating to the total number and dollar value of donations received by a foundation and the total number and dollar amount of educational scholarships awarded by a foundation and (b) the requirement that a scholarship foundation report the percentage of first-time recipients to whom educational scholarships are awarded.

This bill is identical to SB 589.


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