All Roll Calls
Yes: 33 • No: 12
VirginiaSB5012025 Regular SessionSenate
Virginia College Opportunity Endowment and Fund; created.
Sponsored By: Scott A. Surovell (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.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Scott A. Surovell
Democratic • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
Senate vote • 2/12/2024
Continued to 2025 in Finance and Appropriations
Yes: 15 • No: 0
Senate vote • 2/1/2024
Reported from Education and Health with substitute
Yes: 9 • No: 6
Senate vote • 2/1/2024
Rereferred to Finance and Appropriations
Yes: 9 • No: 6
Actions Timeline
Left in Finance and Appropriations
11/19/2024SenateContinued to 2025 in Finance and Appropriations (15-Y 0-N)
2/12/2024SenateRereferred to Finance and Appropriations
2/1/2024SenateCommittee substitute printed 24106430D-S1
2/1/2024SenateReported from Education and Health with substitute (9-Y 6-N)
2/1/2024SenateImpact statement from DPB (SB501)
1/30/2024SenateSenate subcommittee amendments and substitutes offered
1/29/2024SenateAssigned Education and Health Sub: Higher Education
1/19/2024SenateReferred to Committee on Education and Health
1/9/2024SenatePrefiled and ordered printed; offered 01/10/24 24100972D
1/9/2024Senate
Bill Text
Substitute
2/1/2024
Introduced
1/11/2024
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