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2001 SESSION
010750608Be it enacted by the General Assembly of Virginia:
1. That § 63.1-323 of the Code of Virginia is amended and reenacted as follows:
§ 63.1-323. Proposals; regulations; tax credits authorized; amount for programs.
A. Any neighborhood organization may submit a proposal to the Commissioner of Social Services or his designee requesting an allocation of tax credits for use by business firms making donations to the neighborhood organization. The proposal shall set forth the program to be conducted by the neighborhood organization, the impoverished people to be assisted, the estimated amount to be donated to the program and the plans for implementing the program.
B. The State Board of Social Services is hereby authorized to promulgate regulations for the approval or disapproval of such proposals by neighborhood organizations and for determining the value of the donations. Such regulations shall contain a requirement that an annual audit be provided by the neighborhood organization as a prerequisite for approval. Such regulations shall provide for the equitable allocation of the available amount of tax credits among the approved proposals submitted by neighborhood organizations. The regulations shall also provide that at least ten percent of the available amount of tax credits each year shall be allocated to qualified programs proposed by neighborhood organizations not receiving allocations in the preceding year; however, if the amount of tax credits for qualified programs requested by such neighborhood organizations is less than ten percent of the available amount of tax credits, the unallocated portion of such ten percent of the available amount of tax credits shall be allocated to qualified programs proposed by other neighborhood organizations.
C. If the Commissioner of Social Services or his designee approves a proposal submitted by a neighborhood organization, the organization shall make the allocated tax credit amounts available to business firms making donations to the approved program. A neighborhood organization shall not assign or transfer an allocation of tax credits to another neighborhood organization without the approval of the Commissioner of Social Services or his designee.
D. The total amount of tax credits granted for programs approved under this
chapter for each fiscal year shall not exceed eight twelve million dollars;
however, $2,750,000 shall be allocated to education programs conducted by neighborhood organizations.
Such allocation of tax credits to education programs shall constitute the
minimum amount of tax credits to be allocated to education programs. However,
if the amount of tax credits requested by neighborhood organizations for
qualified education programs is less than $2,750,000, the balance of such
amount shall be allocated to other types of qualified programs. Tax credits
shall not be authorized after fiscal year 2002.