Virginia House Bill 1740 (Prior Session Legislation)

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Spectrum: Strong Partisan Bill (Democrat 17-1)
Status: Introduced on January 9 2023 - 25% progression, died in committee
Action: 2023-02-07 - Left in Finance
Pending: House Finance Committee
Text: Latest bill text (Prefiled) [HTML]

Income taxation; contributions to Virginia College Savings Income taxation; contributions to Virginia College Savings Plan accounts. Increases the maximum individual income tax deduction for amounts paid or contributed to a prepaid tuition contract or college savings trust account entered into with the Virginia College Savings Plan from $4,000 to $7,500 in taxable year 2023, $11,000 in taxable year 2024, and $15,000 for taxable year 2025 and thereafter. Such amounts shall be adjusted for changes in the Chained Consumer Price Index for All Urban Consumers (C-CPI-U). The deduction is limited to $4,000 for taxpayers with federal adjusted gross income that is greater than $100,000 for an individual or $200,000 for married persons filing a joint return. The bill also creates an individual or corporate deduction, as applicable, of up to $4,000 for the amount a child day center or child day program paid or contributed to a customer's or client's prepaid tuition contract or college savings trust account entered into with the Virginia College Savings Plan. The bill also provides a nonrefundable income tax credit for taxable years 2023 through 2027 for 35 percent of expenses incurred by a business during the taxable year for contributions into a Virginia College Savings Plan account owned by an employee of the business. If the employee receiving the contribution is a qualified employee, as defined in the bill, the bill specifies that the credit shall not exceed $500 annually for each such employee. If the employee receiving the contribution is a qualified employee who is not highly compensated, as defined in the bill, the bill specifies that the credit shall not exceed $1,000 annually for each such employee. The bill provides that the total amount of tax credits available for a calendar year shall not exceed $5 million and that any unused tax credit may be carried over for three years.

Income tax, state; contributions to Virginia College Savings Plan accounts.

Del. Delores McQuinn [D]	Sen. Lamont Bagby [D]	Del. Dawn Adams [D]	Del. Nadarius Clark [D]
Del. Elizabeth Guzman [D]	Del. Dan Helmer [D]	Del. Patrick Hope [D]	Del. Clinton Jenkins [D]
Del. Kaye Kory [D]	Del. Dave LaRock [R]	Del. Michelle Maldonado [D]	Del. Candi Mundon King [D]
Del. Kathleen Murphy [D]	Del. Marcia Price [D]	Sen. Danica Roem [D]	Del. Irene Shin [D]
Del. Marcus Simon [D]	Del. Shelly Simonds [D]

2023-01-30 - House - House: Subcommittee failed to recommend reporting and referring to Appropriations (2-Y 5-N) (Y: 2 N: 5 NV: 0 Abs: 1) [FAIL]

Date	Chamber	Action
2023-02-07	House	Left in Finance
2023-01-30	House	Subcommittee failed to recommend reporting and referring to Appropriations (2-Y 5-N)
2023-01-19	House	Assigned Finance sub: Subcommittee #3
2023-01-09	House	Referred to Committee on Finance
2023-01-09	House	Prefiled and ordered printed; offered 01/11/23 23101641D

Chapter	Article	Section	Citation Type	Statute Text
58	1	322.03	(n/a)	See Bill Text
58	1	402	(n/a)	See Bill Text
58	1	439.12:13	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?231+sum+HB1740
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+HB1740+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+HB1740F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+H1003V0038+HB1740