Monday, December 1, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB316: Neighborhood Assistance Act; organization to make available to donors balance of tax credit.
Be it enacted by the General Assembly of Virginia:
1. § 1. Notwithstanding any other provision of law, any neighborhood organization as defined in § 63.2-2000 that had in place a program that was approved for an allocation of tax credits in the Commonwealth’s 2006-2007 fiscal year under the Neighborhood Assistance Act (§ 63.2-2000 et seq.), which organization was ineligible to participate under the Act in the Commonwealth’s 2007-2008 fiscal year solely because the organization’s proposal for an allocation of tax credits was submitted after the due date for such proposals, shall be allowed to make available to donors for use any remaining balance of the tax credits allocated to the organization in the 2006-2007 fiscal year. Such remaining tax credits shall be made available only for those donations made during the period July 1, 2007, through December 31, 2007, to a program conducted by the organization, which program otherwise would have been eligible for an allocation of tax credits under the Neighborhood Assistance Act had the organization’s proposal been submitted by the due date. Any person or entity making such donation would be eligible for a tax credit under the terms and conditions of the Neighborhood Assistance Act.
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.
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