-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".