Source: https://budget.lis.virginia.gov/amendment/2012/1/SB29/Introduced/MR/3-5.05/1s/
Timestamp: 2020-08-09 12:26:27
Document Index: 725539747

Matched Legal Cases: ['§58', '§ 3', '§ 58', '§ 58', '§ 58', '§ 58', '§ 58']

3-5.05#1s (Neighborhood Assistance Act Tax Credit) Neighborhood Assistance Tax Credit. SB29 - Member Request
By Member » Item 3-5.05 #1s
Neighborhood Assistance Tax Credit (language only)
Item 3-5.05 #1s
Page 190, after line 14, insert:
"D. Notwithstanding any other provision of law, for purposes of this section, regulations or guidelines shall provide that at least 40 percent of the people served by the neighborhood organization are impoverished people as defined in §58.1-439.18 of the Code of Virginia.
(This amendment requires that at least 40 percent of the people served by a qualified neighborhood organization be impoverished, as opposed to the current requirement of 50 percent. Funding for the tax credit program is currently capped at $11.9 million per year; this amendment does not change that amount.)
§ 3-5.05 NEIGHBORHOOD ASSISTANCE ACT TAX CREDIT
A. The $50,000 taxable year limitation on individual tax credits under the Neighborhood Assistance Act pursuant to § 58.1-439.24 of the Code of Virginia shall not apply in any taxable year beginning in the relevant fiscal year of the Commonwealth if, after an equitable allocation of tax credits under the Act of such relevant fiscal year, the total amount of tax credits granted for all programs approved under the Act for such fiscal year was less than $ 11.9 million.
B. Notwithstanding any other provision of law, any business firm that has pledged in writing on or before January 1, 2006, to a neighborhood organization to make a donation to such organization shall be eligible to receive a tax credit equal to 45% of the value of any qualifying donation that is covered under such writing, provided that the donation is made on or before January 1, 2013 . Nothing in this paragraph shall be interpreted or construed as affecting any other provision of the Neighborhood Assistance Act (§ 58.1-439.18 et seq. of the Code of Virginia). For purposes of this paragraph, the terms “business firm” and “neighborhood organization” shall mean the same as those terms are defined in § 58.1-439.18 of the Code of Virginia.
C. For purposes of this section, the term "individual" means the same as that term is defined in § 58.1-302, but excluding any individual included in the definition of a "business firm" as such term is defined in § 58.1-439.18.