HB 321 Income tax, corporate; tax credits for donations to non-profit organizations, etc.
James P. "Jimmie" Massie, III | all patrons    ...    notes
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Summary as passed: (all summaries)

Tax credits; assistance to low-income families, scholarships for K through 12 students attending private schools.  Establishes a credit beginning in taxable year 2013 for individuals, business entities, and corporations making monetary donations to nonprofit organizations providing education improvement scholarships to students whose family's annual household income is not in excess of 300 percent of the current poverty guidelines and certain students with disabilities, in order for them to attend nonpublic elementary or secondary schools. Nonprofit organizations to which donations are made would be required to distribute at least 90 percent of each donation in the form of scholarships to such students. The credit would equal 65 percent of the donation made. Any unused credit for the taxable year could be carried forward for five years. There is an annual cap of $25 million in tax credits for the scholarship program. The Department of Education would administer the tax credit program.

The bill also expands the current Neighborhood Assistance Act Tax Credit program by increasing the tax credit percentage from 40 to 65 percent; raising the total cap on the program from $11.9 million to $15 million and raising the cap on education proposals from $4.9 million to $8 million; expanding the eligibility criteria for programs qualifying for tax credits to encompass programs providing services to certain students with disabilities and individuals whose family's annual household income is not in excess of 300 percent of the poverty guidelines; raising the cap on tax credits for neighborhood organizations and affiliates to $825,000; allowing unused credits at the end of the year to be distributed to neighborhood organizations that had previously met the cap on tax credits; and extending the sunset for the program to July 1, 2017.

Full text:
01/10/12  House: Prefiled and ordered printed; offered 01/11/12 12101085D  pdf | impact statement
02/13/12  House: Printed as engrossed 12101085D-E  pdf | impact statement
02/28/12  Senate: Committee substitute printed 12105687D-S1  pdf
03/05/12  House: Bill text as passed House and Senate (HB321ER)  pdf | impact statement
04/18/12  House: Reenrolled bill text (HB321ER2)  pdf
05/18/12  Governor: Acts of Assembly Chapter text (CHAP0842)  pdf

House amendments
Governor's recommendation

01/10/12  House: Prefiled and ordered printed; offered 01/11/12 12101085D
01/10/12  House: Referred to Committee on Appropriations
01/16/12  House: Referred from Appropriations by voice vote
01/16/12  House: Referred to Committee on Finance
02/07/12  House: Assigned Finance sub: #3
02/10/12  House: Subcommittee recommends reporting with amendment(s) (4-Y 1-N)
02/10/12  House: Reported from Finance with amendments (15-Y 7-N)
02/12/12  House: Read first time
02/13/12  House: Read second time
02/13/12  House: Committee amendments agreed to
02/13/12  House: Engrossed by House as amended HB321E
02/13/12  House: Printed as engrossed 12101085D-E
02/14/12  House: Read third time and passed House (64-Y 35-N)
02/14/12  House: VOTE: PASSAGE (64-Y 35-N)
02/15/12  Senate: Constitutional reading dispensed
02/15/12  Senate: Referred to Committee on Finance
02/28/12  Senate: Committee substitute printed 12105687D-S1
02/28/12  Senate: Reported from Finance with substitute (8-Y 6-N)
02/29/12  Senate: Constitutional reading dispensed (40-Y 0-N)
02/29/12  Senate: Read third time
02/29/12  Senate: Reading of substitute waived
02/29/12  Senate: Committee substitute agreed to 12105687D-S1
02/29/12  Senate: Engrossed by Senate - committee substitute HB321S1
02/29/12  Senate: Passed Senate with substitute (20-Y 20-N)
02/29/12  Senate: Chair votes Yes
02/29/12  House: Placed on Calendar
02/29/12  House: Passed by temporarily
02/29/12  House: Senate substitute agreed to by House 12105687D-S1 (54-Y 37-N)
02/29/12  House: VOTE: ADOPTION (54-Y 37-N)
03/05/12  House: Enrolled
03/05/12  House: Bill text as passed House and Senate (HB321ER)
03/05/12  House: Signed by Speaker
03/07/12  Senate: Signed by President
04/09/12  House: Governor's recommendation received by House
04/17/12  House: Placed on Calendar
04/18/12  House: House concurred in Governor's recommendation #'s 1, 2, 3 and 5 (58-Y 37-N)
04/18/12  House: VOTE: ADOPTION (58-Y 37-N)
04/18/12  House: House rejected Governor's recommendation # 4 (1-Y 93-N)
04/18/12  House: VOTE: REJECTED (1-Y 93-N)
04/18/12  Senate: Senate concurred in Governor's recommendation (19-Y 19-N)
04/18/12  Senate: Chair vote Yes
04/18/12  Governor: Governor's recommendation adopted in-part
04/18/12  House: Communicated to Governor
04/18/12  House: Reenrolled
04/18/12  House: Reenrolled bill text (HB321ER2)
04/18/12  House: Signed by Speaker as reenrolled
04/18/12  Senate: Signed by President as reenrolled
05/18/12  House: Enacted, Chapter 842 (effective 7/1/12)
05/18/12  Governor: Acts of Assembly Chapter text (CHAP0842)