Wednesday, December 3, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB1155: Income tax, corporate; Habitat for Humanity tax credit.
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 13 of Chapter 3 of Title 58.1 a section numbered 58.1-439.12:02 as follows:
§ 58.1-439.12:02. Habitat for Humanity tax credit.
A. For purposes of this section:
"Business firm" means any corporation, partnership, electing small business (Subchapter S) corporation, limited liability company, or sole proprietorship authorized to do business in this Commonwealth subject to tax imposed by Articles 2 (§ 58.1-320 et seq.) and 10 (§ 58.1-400 et seq.) of this chapter.
"Habitat for Humanity of Virginia" means a housing organization located in the Commonwealth whose purpose is to eliminate poverty housing around the world by building simple, affordable houses with the help of volunteers and through donations.
"Housing assistance" means furnishing financial assistance, labor, material, or technical advice to aid in the construction of homes built by Habitat for Humanity of Virginia.
B. For taxable years beginning on or after January 1, 2008, a business firm shall be eligible for a credit against the taxes imposed by § 58.1-320 and § 58.1-400 in an amount equal to 50 percent of the value of the housing assistance donated by the business firm during its taxable year to Habitat for Humanity of Virginia; however, no credit shall be allowed in excess of $5,000 per taxable year. Any tax credit not usable for the taxable year the donation was made may be carried over to the extent usable for the next five succeeding taxable years or until the full credit has been utilized, whichever is sooner. Credits granted to a partnership, electing small business (Subchapter S) corporation, or limited liability company shall be allocated to their individual partners, shareholders, or members, respectively, in proportion to their ownership or interest in such business entities.
C. A tax credit shall be issued by the Tax Commissioner to a business firm upon receipt of a certification made by Habitat for Humanity of Virginia. The certification shall identify the type and value of the donation received, the date of such donation, and the business firm making the donation. The Department of Taxation shall develop the certification form and, upon request, provide it to business firms seeking the credit allowed by this section.
D. A business firm that is eligible to receive the credit provided for in Chapter 20 (§ 63.2-2000 et seq.) of Title 63.2 shall not be eligible to receive the credit provided by this section.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.