Virginia Senate Bill 1194 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 12 2011 - 25% progression, died in committee
Action: 2011-02-08 - Senate: Left in Finance
Pending: Senate Finance and Appropriations Committee
Text: Latest bill text (Introduced) [HTML]

Income tax; corporate tax credits for donations to nonprofit organizations providing educational scholarships. Establishes a tax credit beginning in taxable year 2012 for corporations donating cash to nonprofit organizations providing scholarships to students in order for them to attend nonpublic elementary or secondary schools. Nonprofit organizations to which donations are made would be required to contribute at least 90 percent of their annual receipts for such scholarships. The tax credit would equal 90 percent of the donation made by the corporation. The Department of Taxation would be responsible for issuing the tax credits. The Department would be allowed to issue up to $25 million in tax credits in each fiscal year of the Commonwealth.

Income tax, corporate; tax credits for donations to nonprofit organizations providing scholarships.

Sen. Mark Obenshain [R]

Date	Chamber	Action
2011-02-08		Senate: Left in Finance
2011-01-12		Senate: Referred to Committee on Finance
2011-01-12		Senate: Prefiled and ordered printed; offered 01/12/11 11100824D

Chapter	Article	Section	Citation Type	Statute 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?111+sum+SB1194
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?111+ful+SB1194+hil