RICHMOND, VA. - Governor Bob McDonnell today ceremonially signed House Bill 321 (Massie) and its companion Senate Bill 131 (Stanley) to establish the need-based Educational Opportunity Scholarship Tax Credit for K-12 students. The tax credit is equal to 65 percent of the donation, with an annual cap of $25 million from the state. The governor was joined by education advocates, teachers, school administrators and legislators. The legislation goes into effect on July 1.
“Every Virginia student should have the opportunity to get a good education and develop their unique talents,” McDonnell said. “The legislation signed today enlists the private sector to stretch state dollars further in providing greater educational opportunity to families who would otherwise have a financial barrier. I thank Senator Stanley and Delegate Massie for their leadership in the General Assembly and also thank all of the advocates, families and students for voicing their support for this measure.”
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