VA SB133 | 2010 | Regular Session
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 11 2010 - 25% progression, died in chamber
Action: 2010-02-03 - Senate: Failed to report (defeated) in Finance (6-Y 9-N)
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 11 2010 - 25% progression, died in chamber
Action: 2010-02-03 - Senate: Failed to report (defeated) in Finance (6-Y 9-N)
Text: Latest bill text (Prefiled) [HTML]
Summary
Tax credits for donations to nonprofit organizations providing educational funding. Establishes a tax credit beginning in taxable year 2010 for businesses donating cash or personal property to nonprofit organizations providing funding (i) in the form of scholarships to students who would have been eligible for the free and reduced lunch program under federal law, but who attend nonpublic elementary or secondary schools, or (ii) in support of innovative educational programs in public schools. Nonprofit organizations to which donations are made would be required to contribute at least 90 percent of their annual receipts for such scholarships or innovative educational programs. The tax credit would equal 80 percent of the donation made by the business. No business would be issued more than $80,000 in tax credit for donations made in a taxable year. 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.
Title
Nonprofit education organization; tax credit for business donations that provide educational funds.
Sponsors
Roll Calls
2010-02-03 - Senate - Senate: Failed to report (defeated) in Finance (6-Y 9-N) (Y: 6 N: 9 NV: 0 Abs: 0) [FAIL]
History
| Date | Chamber | Action |
|---|---|---|
| 2010-02-03 | Senate: Failed to report (defeated) in Finance (6-Y 9-N) | |
| 2010-01-11 | Senate: Referred to Committee on Finance | |
| 2010-01-11 | Senate: Prefiled and ordered printed; offered 01/13/10 10100624D |
