Neighborhood Assistance Act Tax Credit; changes administration of and eligibility for an allocation. (SB1325)
Introduced By
Sen. Walter Stosch (R-Glen Allen) with support from co-patrons Del. John O'Bannon (R-Richmond), Sen. John Edwards (D-Roanoke), Sen. John Miller (D-Newport News), and Sen. Richard Stuart (R-Westmoreland)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Neighborhood Assistance Act Tax Credit. Changes the administration of the Neighborhood Assistance Act Tax Credit and the eligibility for an allocation of tax credits. The bill would provide that nonprofit organizations that serve individuals with family annual income not in excess of 180 percent of the federal poverty guidelines would be eligible for an allocation of neighborhood assistance tax credits. Current Department of Social Services regulations (22 VAC 40-41-10) sets eligibility for tax credits for programs that serve individuals with family annual income not in excess of 150 percent of the federal poverty guidelines. The bill would provide that programs that offer counseling or supportive services to students or their parents in developing a postsecondary academic or vocational education plan would be eligible for tax credits. The bill would establish a $0.5 million annual limit in tax credits for each neighborhood organization or a grouping of neighborhood organization affiliates.
The bill would require the Department of Education to allocate up to $6.75 million in tax credits each year for education programs and for the State Department of Social Services to allocate up to $5.25 million in tax credits each year for all other programs. The general appropriation act currently in effect provides for the Department of Education to award up to $3 million in grants to schools for students with disabilities pursuant to the Neighborhood Assistance Act and for the State Department of Social Services to allocate up to $9 million in tax credits pursuant to the Act.
The bill extends the sunset date of the Neighborhood Assistance Act program from July 1, 2009, to July 1, 2011. Amends § 58.1-439.18 (“Definitions.”), § 58.1-439.20 (“Proposals; regulations; tax credits authorized; amount for programs.”), § 58.1-439.21 (“Tax credit; amount; limitation; carry over.”), § 58.1-439.22 (“Donations of professional services.”), § 58.1-439.24 (“Donations by individuals.”), of the Code of Virginia. View Full Text »
