VA HB2314 | 2011 | Regular Session
Status
Spectrum: Strong Partisan Bill (Republican 38-2-1)
Status: Engrossed on February 7 2011 - 50% progression, died in chamber
Action: 2011-02-15 - Senate: Passed by indefinitely in Finance (9-Y 6-N)
Text: Latest bill text (Comm Sub) [HTML]
Status: Engrossed on February 7 2011 - 50% progression, died in chamber
Action: 2011-02-15 - Senate: Passed by indefinitely in Finance (9-Y 6-N)
Text: Latest bill text (Comm Sub) [HTML]
Summary
Income tax; educational improvement scholarships. Establishes a credit beginning in taxable year 2012 for corporations donating cash to nonprofit organizations providing education improvement scholarships to students who would have been eligible for the free and reduced lunch program under federal law, in order for them to attend nonpublic elementary or secondary schools. Nonprofit organizations to which donations are made would be required to distribute at least 90 percent of their annual receipts for such scholarships. The credit would equal 70 percent of the donation made by the corporation and could be carried forward or back for 15 years. Any corporation taking a charitable deduction on its federal income tax return would be required to add that amount back to its Virginia taxable income in order to receive this credit. There is a $25 million cap for the credits.
Title
Education Improvement Scholarships; tax credit for donations by business entities.
Sponsors
Roll Calls
2011-02-15 - Senate - Senate: Passed by indefinitely in Finance (9-Y 6-N) (Y: 9 N: 6 NV: 0 Abs: 0) [PASS]
2011-02-08 - House - House: VOTE: PASSAGE (54-Y 45-N) (Y: 56 N: 45 NV: 0 Abs: 0) [PASS]
2011-02-02 - House - House: Reported from Finance with substitute (11-Y 8-N) (Y: 11 N: 8 NV: 3 Abs: 0) [FAIL]
2011-02-08 - House - House: VOTE: PASSAGE (54-Y 45-N) (Y: 56 N: 45 NV: 0 Abs: 0) [PASS]
2011-02-02 - House - House: Reported from Finance with substitute (11-Y 8-N) (Y: 11 N: 8 NV: 3 Abs: 0) [FAIL]
History
| Date | Chamber | Action |
|---|---|---|
| 2011-02-15 | Senate: Passed by indefinitely in Finance (9-Y 6-N) | |
| 2011-02-09 | Senate: Referred to Committee on Finance | |
| 2011-02-09 | Senate: Constitutional reading dispensed | |
| 2011-02-08 | House: VOTE: PASSAGE (54-Y 45-N) | |
| 2011-02-08 | House: Read third time and passed House (54-Y 45-N) | |
| 2011-02-07 | House: Engrossed by House - committee substitute HB2314H1 | |
| 2011-02-07 | House: Committee substitute agreed to 11104410D-H1 | |
| 2011-02-07 | House: Read second time | |
| 2011-02-04 | House: Read first time | |
| 2011-02-02 | House: Committee substitute printed 11104410D-H1 | |
| 2011-02-02 | House: Reported from Finance with substitute (11-Y 8-N) | |
| 2011-01-19 | House: Assigned Finance sub: #3 | |
| 2011-01-12 | House: Referred to Committee on Finance | |
| 2011-01-12 | House: Prefiled and ordered printed; offered 01/12/11 11103722D |
Subjects
Charitable, Civic and Volunteer Institutions, and Organizations
Corporations
Education
Income Tax
Taxation
Corporations
Education
Income Tax
Taxation
Code Citations
| Chapter | Article | Section | Citation Type | Statute Text |
|---|---|---|---|---|
| 58 | 1 | 439.25 | (n/a) | See Bill Text |
| 58 | 1 | 439.28 | (n/a) | See Bill Text |
