Virginia 2020 Regular Session Status: In Committee

HB 926 — Income tax, state; credit for employer contributions to Virginia College Savings Plan accounts.

Last action — Left in Finance

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House of Delegates
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Income tax credit; employer contributions toVirginia College Savings Plan accounts. Provides a nonrefundableincome tax credit for taxable years beginning on or after January1, 2020, but before January 1, 2025, for 35 percent of expenses incurredby a business during the taxable year for contributions into a VirginiaCollege 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 credit shall not exceed $500 annuallyfor each such employee. If the recipient receiving the contributionis a qualified employee who is not highly compensated, as definedin the bill, the credit shall not exceed $1,000 annually for eachsuch employee. The total amount of tax credits available for a calendaryear shall not exceed $5 million. Any unused tax credit may be carriedover for three years.

Bill Text

  • Impact statement from TAX (HB926) View text Current html January 07, 2020

Action History

  1. Left in Finance

  2. Subcommittee recommends laying on the table (6-Y 3-N)

  3. Impact statement from TAX (HB926)

  4. Assigned Finance sub: Subcommittee #1

  5. Referred to Committee on Finance

  6. Prefiled and ordered printed; offered 01/08/20 20104095D

Sponsors

Sponsorship breakdown

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1 sponsors · 2 co-sponsors · 145 not signed on · 1 voted No

Sponsors (1)

Co-sponsors (2)

Not signed on (145)

145 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Subcommittee recommends laying on the table (6-Y 3-N)

Passed 6 Yea · 3 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 6302
Total 6302
% of votes cast 55%27%0%18%
How each member voted (11)
Member Party Vote
Keam, Mark L. — Yea
Kory, Kaye — Yea
Lindsey, Joseph C. — Not Voting
Ayala, Hala S. — Yea
Byron, Kathy J. — Nay
Campbell, Ronnie R. — Nay
Don Scott — Yea
Hyland F. "Buddy" Fowler, Jr. — Nay
Jennifer D. Carroll Foy — Not Voting
R. Lee Ware — Yea
Vivian E. Watts — Yea

Official roll call →

Subjects

taxation education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 926 do?
Income tax credit; employer contributions toVirginia College Savings Plan accounts. Provides a nonrefundableincome tax credit for taxable years beginning on or after January1, 2020, but before January 1, 2025, for 35 percent of expenses incurredby a business during the taxable year for contributions into a VirginiaCollege 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 credit shall not exceed $500 annuallyfor each such employee. If the recipient receiving the contributionis a qualified employee who is not highly compensated, as definedin the bill, the credit shall not exceed $1,000 annually for eachsuch employee. The total amount of tax credits available for a calendaryear shall not exceed $5 million. Any unused tax credit may be carriedover for three years.
Who sponsors HB 926?
HB 926 is sponsored by Miyares, Jason S., Coyner, Carrie E., and Mugler, Martha M..
What is the current status of HB 926?
This bill died with 2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 926?
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