Virginia Senate Bill 241 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 10 2012 - 25% progression, died in chamber
Action: 2012-02-14 - Senate: Incorporated by Finance
Text: Latest bill text (Prefiled) [HTML]

Tax credits; assistance to low-income families, scholarships for K through 12 students attending private schools. Establishes a credit beginning in taxable year 2012 for certain business entities making monetary donations to nonprofit organizations providing education improvement scholarships to students whose family's annual household income is not in excess of 300 percent of the current poverty guidelines and certain students with disabilities, 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 tax-credit-derived funds in the form of scholarships to such students. The credit would equal 84 percent of the donation made by the business entity and any unused credit for the taxable year would be refundable. There is an annual cap of $50 million in tax credits for the scholarship program. The Department of Education would administer the tax credit program. The bill also expands the current Neighborhood Assistance Act Tax Credit program by increasing the tax credit percentage from 40 to 64 percent; expanding the eligibility criteria for programs qualifying for tax credits to encompass programs providing services to certain students with disabilities and individuals whose family's annual household income is not in excess of 300 percent of the poverty guidelines; and repealing the July 1, 2014, sunset for the program. Current law provides that programs qualifying for tax credits must provide services to individuals whose family's annual household income is not in excess of 200 percent of the current poverty guidelines.

Tax credits; businesses providing assistance to low-income families, etc., in private schools.

Sen. Richard Black [R]

Sen. Mark Obenshain [R]

2012-02-14 - Senate - Senate: Incorporated by Finance (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2012-02-14		Senate: Incorporated by Finance
2012-02-14		Senate: Incorporated by Finance
2012-02-14		Senate: Incorporated by Finance
2012-01-10		Senate: Referred to Committee on Finance
2012-01-10		Senate: Prefiled and ordered printed; offered 01/11/12 12100286D

SB131 (Similar To) 2012-04-09 - Governor: Acts of Assembly Chapter text (CHAP0731)

Chapter	Article	Section	Citation Type	Statute Text
58	1	439.18	(n/a)	See Bill Text
58	1	439.21	(n/a)	See Bill Text
58	1	439.24	(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?121+sum+SB241
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SB241+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+S05V0163+SB0241