Key Votes
SB 131 - Establishes Tax Deductions for Corporations - Key Vote
Virginia Key Votes
Stages
- April 9, 2012 Became Law Without Governor's Signature
- Feb. 29, 2012 House Bill Passed
- Feb. 17, 2012 Senate Bill Passed
- Jan. 11, 2012 Introduced
Family
Issues
Stage Details
Legislation - Became Law Without Governor's Signature (Executive) - April 9, 2012
Legislation - Bill Passed (House) (57-40) - Feb. 29, 2012
Legislation - Bill Passed (Senate) (20-20) - Feb. 17, 2012 (Key vote)
Title: Establishes Tax Deductions for Corporations
Vote Smart's Synopsis:
Vote to pass a bill that establishes tax deductions for individuals and corporations that donate to scholarship foundations for 5 years beginning January 1, 2013.
Highlights:
- Establishes that an individual or corporation may be eligible for a tax deduction of up to 65 percent of the monetary donation made to a scholarship foundation in a single fiscal year (Sec. 1).
- Limits tax deductions to donations of more than $500 (Sec. 1):
- Individuals or married couples may not receive tax deductions in a single fiscal year of more than $50,000.
- Limits tax deductions in a single fiscal year to no more than $25 million (Sec. 1).
- Requires a scholarship foundation to disburse each donation for which a tax deduction may be received to the following (Sec. 1):
- Students whose family’s annual household income is less than 300 percent of the current poverty guidelines; or
- Eligible students with a disability:
- Classified by the federal Individuals with Disabilities Education Act; and
- Whose family's annual household income is less than 400 percent of the current poverty guidelines.
Note:
NOTE: THE LIEUTENANT GOVERNOR CAST A TIE-BREAKING VOTE ON THIS LEGISLATION.
Legislation - Introduced (Senate) - Jan. 11, 2012
Title: Establishes Tax Deductions for Corporations
