Nonprofit organizations; tax credits for donations to those assisting low-income families, etc. (HB1996)

Introduced By

Del. Jimmie Massie (R-Richmond) with support from 20 copatrons, whose average partisan position is:

Those copatrons are Del. Rich Anderson (R-Woodbridge), Del. Dickie Bell (R-Staunton), Del. Kathy Byron (R-Lynchburg), Del. Ben Cline (R-Amherst), Del. Mark Cole (R-Fredericksburg), Del. Kirk Cox (R-Colonial Heights), Del. Scott Garrett (R-Lynchburg), Del. Chris Head (R-Roanoke), Del. Algie Howell (D-Norfolk), Del. Tim Hugo (R-Centreville), Del. Steve Landes (R-Weyers Cave), Del. Bob Marshall (R-Manassas), Del. Jackson Miller (R-Manassas), Del. Bobby Orrock (R-Thornburg), Del. Brenda Pogge (R-Williamsburg), Del. Bob Purkey (R-Virginia Beach), Del. Ron Villanueva (R-Virginia Beach), Del. Lee Ware (R-Powhatan), Del. Mike Watson (R-Williamsburg), Del. Michael Webert (R-Marshall)

Description

Tax credits for donations to nonprofits providing assistance to low-income families. Makes several changes to the Neighborhood Assistance Act Tax Credit and Education Improvement Scholarships Tax Credits program including (i) allowing tax credits for donations of marketable securities under the Education Improvement Scholarships Tax Credits program, (ii) changing reporting requirements to the Department of Education, changing the time frame for scholarship foundations to disburse moneys for scholarships, and changing the penalties for failing to make such reports and disbursements under the Education Improvement Scholarships Tax Credits program, (iii) for both programs, establishing $125,000 as the maximum annual amount of donations by an individual for which tax credits may be issued, and (iv) for both programs, extending the expiration date through the 2027 taxable year. The bill also makes several other technical changes. Amends § 58.1-439.20, § 58.1-439.24, § 58.1-439.25, § 58.1-439.26, § 58.1-439.27, § 58.1-439.28, of the Code of Virginia. Read the Bill »

Outcome

History