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SB963

Commonwealth Competitiveness Fund; established, tax credits for contributions.

Status:
Killed

Chief Patron:
Adam Ebbin (D)

Session:
2018 Regular Session

Summary

As Introduced. Tax credits for contributions to the Commonwealth Competitiveness Fund.

Establishes the Commonwealth Competitiveness Fund (the Fund) and provides that a taxpayer shall receive an income tax credit in the amount of 90 percent of his contribution to the Fund starting with taxable year 2018. The bill provides that moneys in the fund shall be used for exclusively public purposes and shall be subject to appropriation by the General Assembly; however, 10 percent of the money in the Fund shall be reallocated to the at-risk add-on based on the concentration of children qualifying for the federal Free Lunch Program. (Less)

  • Bill History

  • 01/19/2018 - Senate: Presented and ordered printed 18105099D
  • 01/19/2018 - Senate: Referred to Committee on Finance
  • 01/29/2018 - Senate: Impact statement from TAX (SB963)
  • 01/31/2018 - Senate: Failed to report (defeated) in Finance (4-Y 12-N)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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