Vote to pass a bill that establishes a tax credit for businesses that make certain charitable donations.
Establishes a tax credit for businesses equal to 70 percent of a monetary contribution to a nonprofit organization that provides scholarships to private schools for low-income students residing in Virginia that meet the following criteria (Sec. 1):
Have been enrolled in the Virginia public school system for the year prior to receiving a scholarship;
Have been prior recipients of scholarships;
Are eligible to enter kindergarten or first grade; or
Were not residents of Virginia during the preceding school year.
Specifies that the total amount of tax credits granted cannot exceed $25 million per fiscal year (Sec. 1).
Requires the tax credits to be granted on a first-come, first-served basis (Sec. 1).
Del. Robert Lee Ware, Jr., was recorded as voting "Yea" but intended to vote "Nay".
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.