SB 501: Virginia College Opportunity Endowment and Fund; created.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

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.

Sponsors

Sponsors by party (alphabetical): Democratic 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. November 19, 2024Left in Finance and Appropriations
2. February 12, 2024Continued to 2025 in Finance and Appropriations (15-Y 0-N)
3. February 1, 2024Rereferred to Finance and Appropriations
4. February 1, 2024Committee substitute printed 24106430D-S1
5. February 1, 2024Reported from Education and Health with substitute (9-Y 6-N)
6. January 30, 2024Impact statement from DPB (SB501)
7. January 29, 2024Senate subcommittee amendments and substitutes offered
8. January 19, 2024Assigned Education and Health Sub: Higher Education
9. January 9, 2024Referred to Committee on Education and Health
10. January 9, 2024Prefiled and ordered printed; offered 01/10/24 24100972D