Neighborhood Assistance Act Tax Credit Program; requires organization must meet for tax credits. (HB340)

Introduced By

Del. Tony Wilt (R-Harrisonburg)

Progress

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

Description

Neighborhood assistance tax credits.  Provides that an auxiliary, subsidiary, or subordinate of a 501(c)(3) or 501(c)(4) nonprofit is a neighborhood organization that may submit a proposal for an allocation of neighborhood assistance tax credits, regardless of whether the auxiliary, subsidiary, or subordinate holds a ruling that it is exempt from income taxation under the provisions of 501(c)(3) and 501(c)(4). The auxiliary, subsidiary, or subordinate would be subject to all other conditions and requirements that neighborhood organizations must meet for an allocation of tax credits. As part of any tax credit proposal, the auxiliary, subsidiary, or subordinate would be required to include information that clearly establishes the 501(c)(3) or 501(c)(4) nonprofit under which it is controlled. The auxiliary, subsidiary, or subordinate would be deemed an affiliate of the 501(c)(3) or 501(c)(4) organization under which it is controlled for purposes of any limitation on the aggregate amount of tax credits that can be approved to a grouping of neighborhood organization affiliates. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2012Committee
01/10/2012Prefiled and ordered printed; offered 01/11/12 12102661D
01/10/2012Referred to Committee on Finance
01/13/2012Assigned Finance sub: #2
01/16/2012Impact statement from TAX (HB340)
01/25/2012Subcommittee recommends striking from docket
01/30/2012Stricken from docket by Finance