All Roll Calls
Yes: 0 • No: 0
VirginiaHB13052025 Regular SessionHouse
Virginia College Opportunity Endowment and Fund; created.
Sponsored By: C.E. Cliff Hayes, Jr. (Democratic)
Failed
Summary
Virginia College Savings Plan; Virginia College Opportunity Endowment and Fund. Directs the board of the Virginia College Savings Plan to deposit $250 million per year of surplus moneys from the Plan's fund into the Virginia College Opportunity Fund, established by the bill. The bill provides that such deposit shall not be made or shall be reduced in any year in which the College Opportunity Investment Advisory Committee determines that certain conditions relating to the Plan's funded status are not met. The Committee is established by the bill as an advisory committee for the Plan, for the purpose of determining the amount of deposits to be made to the Fund. The bill provides that financial management of the Fund is the responsibility of the board of the Plan but authorizes the board of the Virginia College Opportunity Endowment, also established by the bill, to manage a scholarship program funded by the Fund. The bill establishes an individual and corporate income tax subtraction for donations to the Fund. Under the bill, the Endowment provides scholarships to students who attend or plan to attend one of 12 eligible universities named in the bill. The bill provides that only such students who meet the eligibility requirements for a Federal Pell Grant and commit to being employed in Virginia, or being enrolled in postgraduate education in Virginia, for at least eight years after graduation from an eligible university are eligible for such scholarships.
Appropriations
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
C.E. Cliff Hayes, Jr.
Democratic • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 2/7/2024
Continued to 2025 in Appropriations (Voice Vote)
Yes: 0 • No: 0
House vote • 2/5/2024
Subcommittee recommends continuing to 2025 (Voice Vote)
Yes: 0 • No: 0
Actions Timeline
Left in Appropriations
11/18/2024HouseContinued to 2025 in Appropriations (Voice Vote)
2/7/2024HouseSubcommittee recommends continuing to 2025 (Voice Vote)
2/5/2024HouseImpact statement from DPB (HB1305)
1/30/2024HouseAssigned App. sub: General Government and Capital Outlay
1/27/2024HouseReferred to Committee on Appropriations
1/10/2024HousePresented and ordered printed 24101175D
1/10/2024House
Bill Text
Introduced
1/19/2024
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