Neighborhood Assistance Act; changes tax credit program. (SB700)

Introduced By

Sen. John Miller (D-Newport News)

Progress

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

Description

Neighborhood Assistance Act tax credits. Changes the Neighborhood Assistance Act tax credit program by (i) allowing individuals to receive tax credits for donations of real property or marketable securities, and (ii) repealing the $50,000 taxable year limitation on the amount of tax credits issued to individuals or married persons. The bill also repeals a provision prohibiting an individual from claiming a neighborhood assistance tax credit if the individual also claims a deduction for the donation on his federal income tax return. Since 2006 language in the general appropriation act has effectively repealed this provision and, among other things, reduced the tax credit percentage from 45 percent to 40 percent. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/16/2008Presented and ordered printed 084833275
01/16/2008Referred to Committee on Finance
01/23/2008Reported from Finance with substitute (16-Y 0-N) (see vote tally)
01/23/2008Impact statement from DPB (SB700)
01/23/2008Committee substitute printed 082913275-S1
01/24/2008Constitutional reading dispensed (39-Y 0-N) (see vote tally)
01/25/2008Read second time
01/25/2008Reading of substitute waived
01/25/2008Committee substitute agreed to 082913275-S1
01/25/2008Engrossed by Senate - committee substitute SB700S1
01/28/2008Read third time and passed Senate (40-Y 0-N) (see vote tally)
01/28/2008Communicated to House
02/12/2008Placed on Calendar
02/12/2008Read first time
02/12/2008Referred to Committee on Finance
02/12/2008Assigned Finance sub: 2
02/25/2008Reported from Finance (20-Y 0-N)
02/26/2008Read second time
02/27/2008Read third time
02/27/2008Passed House BLOCK VOTE (97-Y 0-N)
02/27/2008VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
02/28/2008Enrolled
02/28/2008Bill text as passed Senate and House (SB700ER)
02/28/2008Signed by Speaker
02/29/2008Impact statement from DPB (SB700ER)
03/02/2008Signed by President
03/07/2008G Approved by Governor-Chapter 463 (effective 7/1/08)
03/14/2008G Acts of Assembly Chapter text (CHAP0463)