To exclude from gross income payments from the Hokie Spirit Memorial Fund to the victims of the tragic event at Virginia Polytechnic Institute & State University.

(This measure has not been amended since it was passed by the House on December 4, 2007. The summary of that version is repeated here.)

Excludes from gross income, for federal income tax purposes, any payments made by Virginia Polytechnic Institute & State University (Virginia Tech) out of the Hokie Spirit Memorial Fund to the victims of the tragic shootings at such school on April 16, 2007.

Increases the penalty for failure to file a partnership income tax return, for a taxable year beginning in 2008, by one dollar (from $85 to $86) per month (multiplied, as under current law, by the number of partners in the offending partnership during any part of the taxable year).