SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2001 SESSION

  • | print version

HB 2202 Neighborhood assistance programs; tax credits.

Introduced by: James F. Almand | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Neighborhood assistance programs; tax credits. Extends the sunset provision from 2002 to 2004. The bill also makes tax credits for donations by individuals pursuant to the Neighborhood Assistance Program subject to a cap of $1 million per fiscal year beginning with the 2001-2002 fiscal year. Beginning January 1, 2002, donations by individuals under the Neighborhood Assistance Program shall be eligible for a tax credit in an amount equal to 45 percent of such monetary donation. A minimum monetary donation of $900 is required for eligibility for a tax credit beginning January 1, 2002, and the maximum tax credit that may be issued in a taxable year is capped at $750. Under current law, there is no fiscal year cap for tax credits and the tax credit issued is an amount equal to 100 percent of the monetary donation with $50 required as a minimum donation and $100 allowed as a maximum donation.


FULL TEXT

AMENDMENTS

HISTORY