SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
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 | history
SUMMARY AS PASSED HOUSE:
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.
SUMMARY AS INTRODUCED:
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).