Virginia College Opportunity Endowment and Fund; created.

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.