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2004 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 63.2-2002 of the Code of Virginia is amended and reenacted as follows:
§ 63.2-2002. Proposals; regulations; tax credits authorized; amount for programs.
A. Any neighborhood organization may submit a proposal to the Commissioner 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 Board is hereby authorized to adopt 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 10 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 10 percent of the available
amount of tax credits, the unallocated portion of such ten 10 percent of the
available amount of tax credits shall be allocated to qualified programs proposed by other
neighborhood organizations.
C. If the Commissioner 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.
D. The total amount of tax credits granted for programs approved under this
chapter for each fiscal year shall not exceed eight $8 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 2004
2009.