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2023 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: Suetterlein
Virginia College Savings Plan - Hybrid Schools (SB 1429) (language only)

Item 0 #23s

Item 0 #23s

Revenues
Revenues

Explanation

(This amendment accompanies Senate Bill 1429, a bill directing the Virginia College Savings Plan to consider any hybrid public-private elementary or secondary school to be a public elementary or secondary school or a private elementary or secondary school for purposes of 529 accounts. Currently, Virginia provides a Virginia specific deduction for 529 contributions of up to $4,000 for taxpayers under the age of 70 and the entire 529 contribution amount for taxpayers older than age 70. It is indeterminate how these changes would alter taxpayer behavior and any general fund revenue impact is indeterminate.)