VA SB501 | 2024 | Regular Session
Note: Carry Foward to future SB501
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 9 2024 - 25% progression, died in committee
Action: 2024-02-12 - Continued to 2025 in Finance and Appropriations (15-Y 0-N)
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Comm Sub) [HTML]
Status: Introduced on January 9 2024 - 25% progression, died in committee
Action: 2024-02-12 - Continued to 2025 in Finance and Appropriations (15-Y 0-N)
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Comm Sub) [HTML]
Summary
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 into 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 Investment Advisory Committee determines that certain conditions relating to the Plan's funded status are not met. The Committee is established by the bill as an advisory committee for the Plan, 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 into 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 Investment Advisory Committee determines that certain conditions relating to the Plan's funded status are not met. The Committee is established by the bill as an advisory committee for the Plan, 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 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 Federal 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 an eligible university are eligible for such scholarships.
Title
Virginia College Opportunity Endowment and Fund; created.
Sponsors
Roll Calls
2024-02-12 - Senate - Senate: Continued to 2025 in Finance and Appropriations (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-01 - Senate - Senate: Reported from Education and Health with substitute (9-Y 6-N) (Y: 9 N: 6 NV: 0 Abs: 0) [PASS]
2024-02-01 - Senate - Senate: Reported from Education and Health with substitute (9-Y 6-N) (Y: 9 N: 6 NV: 0 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2024-02-12 | Senate | Continued to 2025 in Finance and Appropriations (15-Y 0-N) |
2024-02-01 | Senate | Rereferred to Finance and Appropriations |
2024-02-01 | Senate | Committee substitute printed 24106430D-S1 |
2024-02-01 | Senate | Reported from Education and Health with substitute (9-Y 6-N) |
2024-01-19 | Senate | Assigned Education and Health Sub: Higher Education |
2024-01-09 | Senate | Referred to Committee on Education and Health |
2024-01-09 | Senate | Prefiled and ordered printed; offered 01/10/24 24100972D |
Same As/Similar To
SB501 (Carry Over) 2024-02-12 - Continued to 2025 in Finance and Appropriations (15-Y 0-N)
HB1305 (Similar To) 2024-02-07 - Continued to 2025 in Appropriations by voice vote
HB1305 (Similar To) 2024-02-07 - Continued to 2025 in Appropriations by voice vote
Subjects
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
23 | 1 | 701 | (n/a) | See Bill Text |
23 | 1 | 702.1 | (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 |