Neighborhood Assistance Act; tax credits. (SB1754)

Introduced By

Sen. Emmett Hanger (R-Mount Solon) with support from co-patron Del. David Toscano (D-Charlottesville)

Progress

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

Description

Neighborhood Assistance Act tax credits. Allows a neighborhood organization to qualify to receive an allocation of tax credits from the Department of Education if (i) at least 50 percent of the persons served by the neighborhood organization, either directly by the neighborhood organization or through the provision of revenues to other organizations or groups serving such persons, are low-income persons or eligible students with disabilities and (ii) at least 50 percent of the neighborhood organization's revenues are used to provide services to low-income persons or eligible students with disabilities, either directly by the organization or through the provision of revenues to other organizations or groups providing such services. The bill also provides that an individual shall be eligible for a tax credit equal to 65 percent of the value of a monetary donation or a donation of marketable securities made to an approved neighborhood organization for education purposes. The credit shall not be issued for any donation made in the taxable year with a value of less than $500 and shall be issued only for the first $125,000 in value of donations made by the individual during the taxable year. Allowing education-related donations to be eligible for the credit equalizes treatment of education and social services donations. Under current law, individuals are only eligible for a tax credit for a donation to an approved neighborhood organization if the donation is for social services purposes. The bill also provides that an individual must be a resident of Virginia in order to be considered a low-income person or eligible student with a disability by amending the definitions of those terms. The bill incorporates SB 1730. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/18/2019Presented and ordered printed 19104430D
01/18/2019Referred to Committee on Finance
01/27/2019Impact statement from TAX (SB1754)
01/29/2019Committee substitute printed 19106013D-S1
01/29/2019Incorporates SB1730 (Deeds)
01/29/2019Reported from Finance with substitute (16-Y 0-N) (see vote tally)
01/30/2019Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/31/2019Read second time
01/31/2019Reading of substitute waived
01/31/2019Committee substitute agreed to 19106013D-S1
01/31/2019Engrossed by Senate - committee substitute SB1754S1
02/01/2019Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/06/2019Placed on Calendar
02/06/2019Read first time
02/06/2019Referred to Committee on Finance
02/08/2019Impact statement from TAX (SB1754S1)
02/09/2019Impact statement from TAX (SB1754S1)
02/11/2019Reported from Finance (18-Y 3-N) (see vote tally)
02/11/2019Referred to Committee on Appropriations
02/12/2019Assigned App. sub: Elementary & Secondary Education
02/19/2019Left in Appropriations

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