Earned income tax credit. Allows eligible low-income taxpayers to claim a refundable income tax credit equal to 20 percent of the federal earned income tax credit claimed that year by the taxpayer for the same taxable year. The bill also states that individuals who would have been entitled to the federal equivalent of this credit but for the fact that the individual, the individual's spouse, or one or more of the individual's children does not have a valid social security number are eligible to claim this credit.
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.
Schools boards; pupil transportation; alternatives; requirements. Expands the availability of allowable alternatives to traditional school bus transportation services relating to the transportation of students to and from school or school-related activities. The bill expands the entities with whom and the purposes for which a school board may enter into agreements to provide transportation of pupils to include other school boards and comprehensive community colleges for the purposes of transporting students to and from concurrent or dual enrollment programs, career and technical education programs, joint and regional schools, and college partnership laboratory schools. The bill permits any school board to (i) provide, or contract with a privately operated entity to provide, for the purpose of transporting students to and from schools on a regularly scheduled basis a vehicle designed (a) to carry between 11 and 15 passengers, (b) as a specific type of school bus, in accordance with relevant federal and state laws and regulations, and (c) to carry nine passengers or fewer and (ii) in accordance with the provisions set forth in the bill, adopt a resolution to utilize alternative transportation providers, coordinators, and management services to supplement traditional school bus service. The bill requires any vehicle provided or obtained pursuant to clause (i) to comply with all applicable federal and state laws and regulations and undergo scheduled and random inspections by the Department of State Police. The bill establishes requirements for the contents of police reports relating to any school transportation-related accident to account for the use of alternative modes of school transportation to supplement traditional school bus service. The bill contains provisions prohibiting any school board from hiring, employing, or entering into any agreement with any person for the purposes of operating any vehicle to transport students unless such person meets certain requirements, including those requirements specific to persons who operate school busses.Finally, the bill permits any school board of a school division for which providing transportation by school bus is not cost effective to use a portion of its transportation funding to provide a grant to any parent of a student who provides student transportation to and from school and establishes several conditions in relation to such provision, including directing the Board to adopt policies and procedures relating to the award of such grants.
Taxation. Decreases, beginning in taxable year 2025, the income tax imposed (i) on income less than $3,000, from two percent to 1.75 percent; (ii) on income in excess of $3,000 but less than $5,000, from three percent to 2.65 percent; (iii) on income in excess of $5,000 but less than $17,000, from five percent to 4.4 percent; and (iv) on income in excess of $17,000, from 5.75 percent to 5.1 percent.The bill increases from 20 to 25 percent, beginning in taxable year 2025, the amount of credit eligible taxpayers may claim pursuant to the income tax credit for low-income taxpayers. The bill also increases the annual aggregate amount of Education Improvement Scholarships tax credits that are available from $25 million to $30 million beginning fiscal year 2025 and each fiscal year thereafter.The bill defines "digital personal property," "streaming," and "taxable service" for the purposes of the retail sales and use tax. The bill increases the sales and use tax from 4.3 percent to 5.2 percent. Amendments are made throughout the bill to impose the sales and use tax on taxable services in addition to tangible personal property. The bill requires that one half of the additional sales and use tax revenues generated by taxable services and digital personal property that is deposited in the Commonwealth Transportation Fund be distributed to the Transportation Partnership Opportunity Fund, and the additional one half of such revenues be distributed to the Interstate 81 Corridor Improvement Fund until June 30, 2031, or until $400 million has been deposited in the Interstate 81 Corridor Improvement Fund. Certain provisions of the bill have a delayed effective date of January 1, 2025.
Maximum number of judges in each judicial circuit. Increases from four to five the maximum number of authorized circuit court judges in the Ninth Judicial Circuit. This bill is a recommendation of the Judicial Council of Virginia and is incorporated into HB 310.
Local anti-rent gouging authority; civil penalty. Provides that any locality may by ordinance adopt anti-rent gougingprovisions. The bill provides for notice and a public hearing priorto the adoption of such ordinance and specifies that all landlordswho are under the ordinance may be required to give at least two months'written notice of a rent increase and cannot increase the rent bymore than the locality's calculated allowance, described in the billas the maximum amount a landlord can increase a tenant's rent duringany 12-month period, in effect at the time of the increase. The bill sets such allowance as equal to the annual increase in the ConsumerPrice Index or seven percent, whichever is less, states that suchallowance is effective for a 12-month period beginning July 1 each year, and requires the locality to publish such allowance on itswebsite by June 1 of each year. Certain facilities, as outlined inthe bill, are exempt from such ordinance. The bill also allows alocality to establish an anti-rent gouging board that will developand implement rules and procedures by which landlords may apply forand be granted exemptions from the rent increase limits set by theordinance. Finally, the bill provides that a locality may establisha civil penalty for failure to comply with the requirements set outin the ordinance.
Department of Aging and Rehabilitative Services;Office of the Independent Living Community Ombudsman established.Establishes the Office of the Independent Living Community Ombudsman,with the purpose of receiving, recording, and responding to concernsrelated to independent living communities. The bill directs the Officeto operate a complaint line to receive, record, and respond to suchconcerns.
Virginia Residential Property Disclosure Act;flood-related disclosures. Requires the Real Estate Board toinclude on its repetitive risk loss disclosure form for owners ofresidential real property space for the disclosure of historical flood damages, flood insurance claims, and costs to such residential realproperty along with other related information. The bill also requiresthe owner of residential real property within the Commonwealth todisclose to any purchaser or renter of such property certain factsrelated to the flood history and risk of such property.
Virginia Economic and Development PartnershipAuthority; Virginia Creative Economy Grant Fund and Program; established.Establishes the Virginia Creative Economy Grant Fund and Program, to be administered by the Virginia Economic Development PartnershipAuthority, for the purpose of awarding grants to independent contentcreators and creative entrepreneurs for the purpose of developingand expanding the creative economy in Virginia. The bill providesfor the award of grants of no more than $20,000 to any recipient.
Capital outlay plan. Updates the six-yearcapital outlay plan for projects to be funded entirely or partiallyfrom general fund-supported resources.
Sports betting; Virginia college sports.Permits betting, with the exception of proposition betting, on Virginiacollege sports. Under current law, betting other than propositionbetting is allowed on all college sports except Virginia collegesports.
Virginia Retirement System; return to work;break in service. Reduces, from six months to one month, thelength of the required break in service after retirement for a teacher,bus driver, specialized student support instructor, or law-enforcementofficer before such person may return to work full time and continueto receive his pension under the Virginia Retirement System (VRS).
