Bill
Bill > SB1461
summary
Introduced
01/13/2023
01/13/2023
In Committee
01/13/2023
01/13/2023
Crossed Over
Passed
Dead
04/12/2023
04/12/2023
Introduced Session
2023 Regular Session
Bill 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 in 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 Independent Advisory Committee, established by the bill, determines that certain conditions relating to the Plan's funded status are not met. The Committee is established by the bill as a policy committee in the executive branch, for the purpose of determining the amount of deposits to be made to the Fund. 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 in 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 Independent Advisory Committee, established by the bill, determines that certain conditions relating to the Plan's funded status are not met. The Committee is established by the bill as a policy committee in the executive branch, 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 Virginia College Savings 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 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 the eligible university are eligible for such scholarships.
AI Summary
This bill establishes the Virginia College Opportunity Endowment and Fund, which will provide scholarships to students attending 12 eligible universities in Virginia. The bill directs the Virginia College Savings Plan to deposit $250 million per year of surplus funds into the Virginia College Opportunity Fund, subject to certain conditions related to the Plan's funded status. The bill also creates the College Opportunity Independent Advisory Committee to determine the amount of deposits into the Fund. Additionally, the bill provides for an individual and corporate income tax subtraction for donations to the Fund, and stipulates that only students who meet Pell Grant eligibility requirements and commit to being employed or enrolled in postgraduate education in Virginia for at least 8 years after graduation are eligible for the scholarships.
Committee Categories
Education, Health and Social Services
Sponsors (1)
Last Action
Passed by indefinitely in Education and Health (10-Y 3-N 1-A) (on 02/02/2023)
Bill Topics
Education
- ‐ Education of Underprivileged or Underrepresented Groups
- ‐ Higher Education
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://lis.virginia.gov/cgi-bin/legp604.exe?231+sum+SB1461 | 01/13/2023 |
| Fiscal Note/Analysis - Senate: Presented and ordered printed 231 | https://lis.virginia.gov/cgi-bin/legp604.exe?231+oth+SB1461F122+PDF | 01/30/2023 |
| BillText | https://lis.virginia.gov/cgi-bin/legp604.exe?231+ful+SB1461+hil | 01/13/2023 |
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