Virginia Senate Bill 1506 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 20 2023 - 25% progression, died in chamber
Action: 2023-02-01 - Failed to report (defeated) in Finance and Appropriations (8-Y 8-N)
Text: Latest bill text (Introduced) [HTML]

Income tax credits; neighborhood assistance act and Income tax credits; neighborhood assistance act and education improvement scholarships. Makes several amendments to the neighborhood assistance act and education improvement scholarships tax credits. The bill increases from $9 million to $25 million beginning in fiscal year 2023 the limit on neighborhood assistance act tax credits approved by the Commissioner of Social Services. When added to the current limit of $8 million on such tax credits approved by the Commissioner of Social Services, the overall limit on such tax credits would be $33 million. The bill provides that the annual allocation of such tax credits among neighborhood organizations shall not rely solely on the amount of credits awarded in the previous year. The bill authorizes scholarship foundations, which are the sole recipient of funding from the issuance of education improvement scholarships tax credits, to receive funding for scholastic assistance, defined in the bill as counseling or supportive services to elementary or secondary school students or their parents in developing a postsecondary academic or vocational education plan, including college financing options for such students or their parents, provided by a scholarship foundation at a public school with which the foundation is under contract. Under current law, scholarship foundations may receive funding from such tax credits only for the purpose of providing scholarships. The bill allows certified public accountants to receive tax credits for donations of accounting services to scholarship organizations and makes decisions of the Department of Education and Superintendent of Public Instruction regarding the qualification of a scholarship foundation or the awarding of such tax credits subject to judicial appeal; currently, such decisions are final.

Income tax, state; credits for neighborhood assistance act & education improvement scholarships.

Sen. Frank Ruff [R]

2023-02-01 - Senate - Senate: Failed to report (defeated) in Finance and Appropriations (8-Y 8-N) (Y: 8 N: 8 NV: 0 Abs: 0) [FAIL]

Date	Chamber	Action
2023-02-01	Senate	Failed to report (defeated) in Finance and Appropriations (8-Y 8-N)
2023-01-20	Senate	Referred to Committee on Finance and Appropriations
2023-01-20	Senate	Presented and ordered printed 23103494D

Chapter	Article	Section	Citation Type	Statute Text
58	1	439.20	(n/a)	See Bill Text
58	1	439.20:1	(n/a)	See Bill Text
58	1	439.25	(n/a)	See Bill Text
58	1	439.28	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?231+sum+SB1506
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+SB1506+hil
Amendment	https://committees.lis.virginia.gov/pdfs/drafts/23105344D.pdf
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+SB1506F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?231+vot+S05V0196+SB1506