All Roll Calls
Yes: 0 • No: 0
VirginiaHB2402025 Regular SessionHouse
Income tax, state; contributions to Virginia College Savings Plan accounts, report.
Sponsored By: Delores L. McQuinn (Democratic)
Failed
Summary
Income tax; contributions to Virginia College Savings Plan accounts; report. Increases the maximum individual income tax deduction for amounts paid or contributed to a prepaid tuition contract or college savings trust account entered into with the Virginia College Savings Plan from $4,000 to $7,500 in taxable year 2024, $11,000 in taxable year 2025, and $15,000 for taxable year 2026 and thereafter. Such amount shall be adjusted for changes in the Consumer Price Index for All Urban Consumers (C-CPI-U) beginning in taxable year 2024. The deduction is limited to $4,000 for taxpayers with federal adjusted gross income that is greater than $100,000 for an individual or $200,000 for married persons filing a joint return. The bill also creates an individual or corporate deduction, as applicable, of up to $4,000 for the amount a child day center or child day program paid or contributed to a customer's or client's prepaid tuition contract or college savings trust account entered into with the Virginia College Savings Plan. The bill also provides a nonrefundable income tax credit for taxable years 2024 through 2028 for 35 percent of expenses incurred by a business during the taxable year for contributions into a Virginia College Savings Plan account owned by an employee of the business. If the employee receiving the contribution is a qualified employee, as defined in the bill, the bill specifies that the credit shall not exceed $500 annually for each such employee. If the employee receiving the contribution is a qualified employee who is not highly compensated, as defined in the bill, the bill specifies that the credit shall not exceed $1,000 annually for each such employee. The bill provides that the total amount of tax credits available for a calendar year shall not exceed $5 million and that any unused tax credit may be carried over for five years.
Finance
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Delores L. McQuinn
Democratic • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 2/7/2024
Continued to 2025 in Finance (Voice Vote)
Yes: 0 • No: 0
Actions Timeline
Left in Finance
11/18/2024HouseContinued to 2025 in Finance (Voice Vote)
2/7/2024HouseImpact statement from TAX (HB240)
2/4/2024HouseAssigned Finance sub: Subcommittee #1
2/2/2024HouseReferred to Committee on Finance
1/4/2024HousePrefiled and ordered printed; offered 01/10/24 24101386D
1/4/2024House
Bill Text
Introduced
1/30/2024
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