Income tax, state; contributions to Virginia College Savings Plan accounts, report.

Income tax; contributions to Virginia College Savings Planaccounts; report. Increases the maximum individual income tax deduction foramounts paid or contributed to a prepaid tuition contract or college savingstrust account entered into with the Virginia College Savings Plan from $4,000to $7,500 in taxable year 2024, $11,000 in taxable year 2025, and $15,000 fortaxable year 2026 and thereafter. Such amount shall be adjusted for changes inthe Consumer Price Index for All Urban Consumers (C-CPI-U) beginning in taxableyear 2024. The deduction is limited to $4,000 for taxpayers with federaladjusted gross income that is greater than $100,000 for an individual or$200,000 for married persons filing a joint return.The bill also creates an individual or corporate deduction, asapplicable, of up to $4,000 for the amount a child day center or child dayprogram paid or contributed to a customer's or client's prepaid tuitioncontract or college savings trust account entered into with the Virginia CollegeSavings Plan.The bill also provides a nonrefundable income tax credit fortaxable years 2024 through 2028 for 35 percent of expenses incurred by abusiness during the taxable year for contributions into a Virginia CollegeSavings Plan account owned by an employee of the business. If the employeereceiving the contribution is a qualified employee, as defined in the bill, thebill specifies that the credit shall not exceed $500 annually for each suchemployee. If the employee receiving the contribution is a qualified employeewho is not highly compensated, as defined in the bill, the bill specifies thatthe credit shall not exceed $1,000 annually for each such employee. The billprovides that the total amount of tax credits available for a calendar year shallnot exceed $5 million and that any unused tax credit may be carried over forfive years.