Bill > HB2759

This bill removes the sunset (expiration) date for the Education Improvement Scholarships Tax Credit program in Virginia, which currently is set to expire after the 2027 tax year. The bill allows individuals to continue receiving a tax credit for donations to scholarship foundations, specifically a credit equal to 65% of monetary or marketable securities donations. Donors must donate at least $500 but no more than $125,000 per year to qualify, with tax credits issued on a first-come, first-served basis up to a total annual limit of $25 million. Individuals can use the tax credits against various state tax liabilities and can carry over unused credits for up to five subsequent tax years. To receive the credit, donors must go through a preauthorization process with the Department of Education, which will issue a tax credit certificate after verifying the donation. The bill ensures that the tax credit program, which supports scholarship foundations, will continue indefinitely without a predetermined end date, providing ongoing financial incentives for individuals and businesses to support educational opportunities.

Budget and Finance

https://lis.virginia.gov/bill-details/20251/HB2759