Virginia Senate Bill 1461 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 13 2023 - 25% progression, died in chamber
Action: 2023-02-02 - Passed by indefinitely in Education and Health (10-Y 3-N 1-A)
Text: Latest bill text (Introduced) [HTML]

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. 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.

Virginia College Opportunity Endowment and Fund; established.

Sen. Scott Surovell [D]

2023-02-02 - Senate - Senate: Passed by indefinitely in Education and Health (10-Y 3-N 1-A) (Y: 10 N: 3 NV: 1 Abs: 0) [PASS]

Date	Chamber	Action
2023-02-02	Senate	Passed by indefinitely in Education and Health (10-Y 3-N 1-A)
2023-01-27	Senate	Assigned Education sub: Higher Education
2023-01-13	Senate	Referred to Committee on Education and Health
2023-01-13	Senate	Presented and ordered printed 23104413D

Chapter	Article	Section	Citation Type	Statute Text
2	2	2743.1	(n/a)	See Bill Text
23	1	701	(n/a)	See Bill Text
23	1	704	(n/a)	See Bill Text
23	1	706	(n/a)	See Bill Text
23	1	714	(n/a)	See Bill Text
23	1	717	(n/a)	See Bill Text
58	1	322.03	(n/a)	See Bill Text
58	1	344.3	(n/a)	See Bill Text
58	1	402	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?231+sum+SB1461
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+SB1461+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+SB1461F122+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+S04V0188+SB1461