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2001 SESSION
SB 1214 Neighborhood assistance programs; tax credits.
Introduced by: Mary Margaret Whipple | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Neighborhood assistance programs; tax credits. 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, 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.
SUMMARY AS PASSED SENATE:
Neighborhood assistance programs; tax credits. 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% 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% of the monetary donation with $50 required as a minimum donation and $100 allowed as a maximum donation.
SUMMARY AS INTRODUCED:
Neighborhood assistance programs; tax credits. Increases the cap of tax credits allowed for the neighborhood assistance programs, pursuant to § 63.1-323, from $8 million per fiscal year to $12 million per fiscal year, and removes the sunset date. The tax credit would have ended after fiscal year 2002.