Neighborhood Assistance Act tax credit; makes several changes thereto. (SB1394)

Introduced By

Sen. Walter Stosch (R-Glen Allen)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Neighborhood Assistance Act tax credit. Makes several changes to the Neighborhood Assistance Act tax credit including (i) moving the tax credit from Title 63.2 to Title 58.1, (ii) increasing the annual cap for tax credits allowed under the program from $8 million to $12 million, (iii) providing that $1 million of the cap increase would be dedicated for education programs and $3 million would be dedicated for donations to a special fund from which grants would be awarded to licensed, private schools for students with disabilities, and (iv) reducing the tax credit percentage for donations made by corporations and individuals from 45 percent to 40 percent along with eliminating the restriction placed upon individuals from claiming a tax credit for the donation if a charitable contribution deduction is also taken. The Department of Education would administer the Schools for Students with Disabilities Fund from which grants would be made to licensed, private schools for students with disabilities. The Department would be required to establish an application process for such schools seeking grants from the Fund. The Department would review the application and make a determination of whether to award a grant, based in part on the intended use of grant moneys by the applicant. The Fund would be funded from monetary donations for which the Department would allocate the annual $3 million in tax credits. The Board of Education would be required to establish regulations for the grants program, including regulations for procedures to allocate the $3 million in tax credits in fiscal years in which there is an oversubscription of tax credits. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/19/2007Presented and ordered printed 077496824
01/19/2007Referred to Committee on Finance
02/01/2007Impact statement from DPB (SB1394)
02/02/2007Committee substitute printed 071691824-S1
02/05/2007Constitutional reading dispensed (39-Y 0-N)
02/05/2007VOTE: (39-Y 0-N) (see vote tally)
02/06/2007Read second time
02/06/2007Reading of substitute waived
02/06/2007Committee substitute agreed to 071691824-S1
02/06/2007Engrossed by Senate - committee substitute SB1394S1
02/06/2007Constitutional reading dispensed (35-Y 2-N)
02/06/2007VOTE: (35-Y 2-N) (see vote tally)
02/06/2007Passed Senate (22-Y 18-N)
02/06/2007VOTE: (22-Y 18-N) (see vote tally)
02/06/2007Reconsideration of passage agreed to by Senate (40-Y 0-N)
02/06/2007VOTE: (40-Y 0-N) (see vote tally)
02/06/2007Passed Senate (23-Y 17-N)
02/06/2007VOTE: (23-Y 17-N) (see vote tally)
02/06/2007Communicated to House
02/08/2007Placed on Calendar
02/08/2007Read first time
02/08/2007Referred to Committee on Finance
02/13/2007Reconsidered by Finance
02/13/2007Failed to report (defeated) in Finance (9-Y 10-N) (see vote tally)