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

Introduced By

Sen. Walter Stosch (R-Glen Allen)

Progress

√
 Introduced
X
 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. Amends § 58.1-439.18, of the Code of Virginia. View Full Text »

Outcome

Bill Has Failed

History

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