Virginia College Equity Foundation and Fund; established.

Virginia College Savings Plan; Virginia CollegeEquity Foundation and Fund. Directs the Board of the VirginiaCollege Savings Plan to invest the surplus from the fund for prepaidtuition contracts, if any, in the Virginia College Equity Fund (theFund), established by the bill. The bill provides that financial management of the Fund is the responsibility of the Board of theVirginia College Savings Plan but authorizes the board of the VirginiaCollege Equity Foundation, also established by the bill, to managea scholarship program funded by the Fund. The bill establishes anindividual and corporate income tax subtraction for donations to the Fund. Under the bill, the programprovides scholarships to students at Virginia's nonlegacy publicuniversities. Scholarships are available only to students who attenda nonlegacy university, likely would have been denied admission toa public institution of higher education prior to 1900 based on admissioncriteria in effect at the time, meet the income requirements fora Pell Grant, and commit to working in Virginia for at least eightyears after graduation.