SB466:

Virginia College Equity Foundation and Fund; established.

Bill Summary:

Virginia College Savings Plan; Virginia College
Equity Foundation and Fund. Directs the Board of the Virginia
College Savings Plan to invest the surplus from the fund for prepaid
tuition contracts, if any, in the Virginia College Equity Fund (the
Fund), established by the bill. The bill provides that financial
management of the Fund is the responsibility of the Board of the
Virginia College Savings Plan but authorizes the board of the Virginia
College Equity Foundation, 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 program
provides scholarships to students at Virginia's nonlegacy public
universities. Scholarships are available only to students who attend
a nonlegacy university, likely would have been denied admission to
a public institution of higher education prior to 1900 based on admission
criteria in effect at the time, meet the income requirements for
a Pell Grant, and commit to working in Virginia for at least eight
years after graduation.