Neighborhood Assistance Act; changes tax credit program. (SB700)
Introduced By
Sen. John Miller (D-Newport News)
Progress
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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 Since 2006 language in the general appropriation act has effectively repealed this provision and, among other things, reduced the tax credit percentage from 45 percent to 40 percent.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
History
Date | Action |
---|---|
01/16/2008 | Presented and ordered printed 084833275 |
01/16/2008 | Referred to Committee on Finance |
01/23/2008 | Reported from Finance with substitute (16-Y 0-N) (see vote tally) |
01/23/2008 | Impact statement from DPB (SB700) |
01/23/2008 | Committee substitute printed 082913275-S1 |
01/24/2008 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
01/25/2008 | Read second time |
01/25/2008 | Reading of substitute waived |
01/25/2008 | Committee substitute agreed to 082913275-S1 |
01/25/2008 | Engrossed by Senate - committee substitute SB700S1 |
01/28/2008 | Read third time and passed Senate (40-Y 0-N) (see vote tally) |
01/28/2008 | Communicated to House |
02/12/2008 | Placed on Calendar |
02/12/2008 | Read first time |
02/12/2008 | Referred to Committee on Finance |
02/12/2008 | Assigned Finance sub: 2 |
02/25/2008 | Reported from Finance (20-Y 0-N) |
02/26/2008 | Read second time |
02/27/2008 | Read third time |
02/27/2008 | Passed House BLOCK VOTE (97-Y 0-N) |
02/27/2008 | VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) |
02/28/2008 | Enrolled |
02/28/2008 | Bill text as passed Senate and House (SB700ER) |
02/28/2008 | Signed by Speaker |
02/29/2008 | Impact statement from DPB (SB700ER) |
03/02/2008 | Signed by President |
03/07/2008 | G Approved by Governor-Chapter 463 (effective 7/1/08) |
03/14/2008 | G Acts of Assembly Chapter text (CHAP0463) |