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2023 SESSION

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SB 1461 Virginia College Opportunity Endowment and Fund; established.

Introduced by: Scott A. Surovell | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia College Savings Plan; Virginia College Opportunity Endowment and Fund. Directs the board of the Virginia College Savings Plan to deposit $250 million per year of surplus moneys from the Plan's fund in the Virginia College Opportunity Fund, established by the bill. The bill provides that such deposit shall not be made or shall be reduced in any year in which the College Opportunity Independent Advisory Committee, established by the bill, determines that certain conditions relating to the Plan's funded status are not met. The Committee is established by the bill as a policy committee in the executive branch, for the purpose of determining the amount of deposits to be made to the Fund.

The bill provides that financial management of the Fund is the responsibility of the board of the Virginia College Savings Plan but authorizes the board of the Virginia College Opportunity Endowment, also established by the bill, to manage a scholarship program funded by the Fund. The bill establishes an individual and corporate income tax subtraction for donations to the Fund.

Under the bill, the Endowment provides scholarships to students who attend or plan to attend one of 12 eligible universities named in the bill. The bill provides that only such students who meet the eligibility requirements for a Pell Grant and commit to being employed in Virginia, or being enrolled in postgraduate education in Virginia, for at least eight years after graduation from the eligible university are eligible for such scholarships.


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