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2008 SESSION
HB 680 Neighborhood Assistance Act; moves tax credit program to taxation.
Introduced by: Robert D. Hull | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Neighborhood Assistance Act tax credit. Moves the Neighborhood Assistance Act Tax Credit program from Title 63.2 [Welfare (Social Services)] to Title 58.1 (Taxation) and provides a cross-reference to the tax credit program in Title 63.2 (§ 63.2-2002).
The bill also provides that in all cases the value of a donated motor vehicle for purposes of computing the neighborhood assistance tax credit shall be such value as determined under federal income tax laws. This would replace, in part, a current regulation that provides that the value for merchandise donated to a neighborhood organization that is not used by the organization but is sold, auctioned, or raffled by the organization, shall be the lesser of the value determined for federal tax purposes or the actual proceeds received by the neighborhood organization (22VAC40-41-40). The bill includes language that has been in the budget bill the last two years that (i) reduces the tax credit from 45 percent to 40 percent of the value of a donation, and (ii) removes the prohibition from taking the credit if a federal income tax deduction is also taken for the donation.
FULL TEXT
- 01/08/08 House: Prefiled and ordered printed; offered 01/09/08 082803552 pdf | impact statement
- 02/04/08 House: Committee substitute printed 082895552-H1 pdf | impact statement
- 03/03/08 House: Bill text as passed House and Senate (HB680ER) pdf | impact statement
- 03/18/08 Governor: Acts of Assembly Chapter text (CHAP0585) pdf
HISTORY
- 01/08/08 House: Prefiled and ordered printed; offered 01/09/08 082803552
- 01/08/08 House: Referred to Committee on Finance
- 01/15/08 House: Assigned Finance sub: 2
- 02/04/08 House: Reported from Finance with substitute (20-Y 0-N)
- 02/04/08 House: Committee substitute printed 082895552-H1
- 02/05/08 House: Read first time
- 02/06/08 House: Read second time
- 02/06/08 House: Committee substitute agreed to 082895552-H1
- 02/06/08 House: Engrossed by House - committee substitute HB680H1
- 02/07/08 House: Read third time and passed House (99-Y 0-N)
- 02/07/08 House: VOTE: --- PASSAGE (99-Y 0-N)
- 02/07/08 House: Communicated to Senate
- 02/08/08 Senate: Constitutional reading dispensed
- 02/08/08 Senate: Referred to Committee on Finance
- 02/26/08 Senate: Reported from Finance (16-Y 0-N)
- 02/27/08 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/28/08 Senate: Read third time
- 02/28/08 Senate: Passed Senate (40-Y 0-N)
- 03/03/08 House: Enrolled
- 03/03/08 House: Bill text as passed House and Senate (HB680ER)
- 03/04/08 House: Signed by Speaker
- 03/04/08 Senate: Signed by President
- 03/12/08 Governor: Approved by Governor-Chapter 585 (effective 7/1/08)
- 03/18/08 Governor: Acts of Assembly Chapter text (CHAP0585)