VA SB589 | 2016 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 20 2016 - 100% progression
Action: 2016-04-20 - Governor: Acts of Assembly Chapter text (CHAP0767)
Text: Latest bill text (Chaptered) [HTML]

Summary

Education improvement scholarships tax credit; reporting and other requirements. Modifies the tax credit by (i) making the current required report based upon donations qualifying for the credit and scholarships awarded from such donations as of June 30 of the prior calendar year, (ii) increasing from 20 to 40 the number of days by which a scholarship foundation is required to return a preauthorization notice to the Department of Education to certify that a donor has completed his donation to the foundation, (iii) increasing from 14 to 21 the number of days by which a scholarship foundation must convert a donation of marketable securities into cash, and (iv) making clarifying and technical amendments.Under current law, a scholarship foundation must provide a report each year by September 30 to the Department of Education showing the total number and value of donations it received in its most recent fiscal year ended. Under the bill, every scholarship foundation will report on donations received in the 12-month period ending on June 30 of each year. This change will enable the Department of Education to determine whether a scholarship foundation has complied with the statutory requirement to disburse at least 90 percent of its tax-credit-derived funds received during each 12-month period ending on June 30 by the following June 30 for educational scholarships. The bill clarifies that the annual audit, review, or compilation required of a scholarship foundation receiving tax-credit-derived funds is for the foundation's most recent fiscal year ended. Finally, the bill eliminates (a) redundant reporting requirements relating to the total number and dollar value of donations received by a foundation and the total number and dollar amount of educational scholarships awarded by a foundation and (b) the requirement that a scholarship foundation report the percentage of first-time recipients to whom educational scholarships are awarded.

Tracking Information

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Title

Education improvement scholarship tax credit program; extends time for disbursement of donations.

Sponsors


Roll Calls

2016-04-20 - House - House: VOTE: ADOPTION (95-Y 0-N) (Y: 98 N: 0 NV: 5 Abs: 0) [PASS]
2016-04-20 - Senate - Senate: Senate concurred in Governor's recommendation (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 0) [PASS]
2016-03-04 - Senate - Senate: House substitute agreed to by Senate (28-Y 11-N) (Y: 28 N: 11 NV: 1 Abs: 0) [PASS]
2016-03-02 - House - House: VOTE: PASSAGE #2 (64-Y 35-N) (Y: 66 N: 36 NV: 1 Abs: 0) [PASS]
2016-03-02 - House - House: VOTE: PASSAGE (64-Y 34-N) (Y: 66 N: 35 NV: 2 Abs: 0) [PASS]
2016-02-29 - House - House: Reported from Finance with substitute (16-Y 6-N) (Y: 16 N: 6 NV: 0 Abs: 0) [PASS]
2016-02-08 - Senate - Senate: Read third time and passed Senate (36-Y 4-N) (Y: 36 N: 4 NV: 0 Abs: 0) [PASS]
2016-02-04 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2016-02-03 - Senate - Senate: Reported from Finance (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2016-04-20 Governor: Acts of Assembly Chapter text (CHAP0767)
2016-04-20HouseEnacted, Chapter 767 (effective 7/1/16)
2016-04-20HouseSigned by Speaker as reenrolled
2016-04-20SenateSigned by President as reenrolled
2016-04-20SenateReenrolled bill text reprinted (SB589ER2)
2016-04-20SenateReenrolled bill text (SB589ER2)
2016-04-20SenateReenrolled
2016-04-20 Governor: Governor's recommendation adopted
2016-04-20HouseVOTE: ADOPTION (95-Y 0-N)
2016-04-20HouseHouse concurred in Governor's recommendation (95-Y 0-N)
2016-04-20SenateSenate concurred in Governor's recommendation (39-Y 0-N)
2016-04-06SenateGovernor's recommendation received by Senate
2016-03-11 Governor: Governor's Action Deadline Midnight, Sunday, April 10, 2016
2016-03-11SenateEnrolled Bill Communicated to Governor on 3/11/16
2016-03-10SenateSigned by President
2016-03-08HouseSigned by Speaker
2016-03-08SenateBill text as passed Senate and House (SB589ER)
2016-03-08SenateEnrolled
2016-03-04SenateTitle replaced 16105900D-H1
2016-03-04SenateHouse substitute agreed to by Senate (28-Y 11-N)
2016-03-02HouseVOTE: PASSAGE #2 (64-Y 35-N)
2016-03-02HousePassed House with substitute (64-Y 35-N)
2016-03-02HouseReconsideration of House passage agreed to by House
2016-03-02HouseVOTE: PASSAGE (64-Y 34-N)
2016-03-02HousePassed House with substitute (64-Y 34-N)
2016-03-02HouseEngrossed by House - committee substitute SB589H1
2016-03-02HouseCommittee substitute agreed to 16105900D-H1
2016-03-02HouseRead third time
2016-03-01HouseRead second time
2016-02-29HouseCommittee substitute printed 16105900D-H1
2016-02-29HouseReported from Finance with substitute (16-Y 6-N)
2016-02-11HouseReferred to Committee on Finance
2016-02-11HouseRead first time
2016-02-11HousePlaced on Calendar
2016-02-08SenateRead third time and passed Senate (36-Y 4-N)
2016-02-05SenateRead second time and engrossed
2016-02-04SenateConstitutional reading dispensed (40-Y 0-N)
2016-02-03SenateReported from Finance (15-Y 0-N)
2016-01-13SenateReferred to Committee on Finance
2016-01-13SenatePrefiled and ordered printed; offered 01/13/16 16103943D

Same As/Similar To

HB1017 (Same As) 2016-04-20 - Governor: Acts of Assembly Chapter text (CHAP0751)

Code Citations

ChapterArticleSectionCitation TypeStatute Text
581439.28(n/a)See Bill Text

Virginia State Sources

TypeSource
Summaryhttp://lis.virginia.gov/cgi-bin/legp604.exe?161+sum+SB589
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+SB589+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+SB589H1+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+SB589ER+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+SB589ER2+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+CHAP0767+hil
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+S05V0058+SB0589
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+SV0201SB0589+SB0589
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+SV0230SB0589+SB0589
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+H10V0160+SB0589
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+HV1092+SB0589
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+HV1098+SB0589
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+SV0862SB0589+SB0589
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+SV1128SB0589+SB0589
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+HV1449+SB0589

Bill Comments

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