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2008 SESSION

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SB 700 Neighborhood Assistance Act; changes tax credit program.

Introduced by: John C. Miller | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Neighborhood Assistance Act tax credits.  Changes the Neighborhood Assistance Act tax credit program by allowing individuals to receive tax credits for donations of marketable securities.

SUMMARY AS INTRODUCED:

Neighborhood Assistance Act tax credits.  Changes the Neighborhood Assistance Act tax credit program by (i) allowing individuals to receive tax credits for donations of real property or marketable securities, and (ii) repealing the $50,000 taxable year limitation on the amount of tax credits issued to individuals or married persons.

The bill also repeals a provision prohibiting an individual from claiming a neighborhood assistance tax credit if the individual also claims a deduction for the donation on his federal income tax return. Since 2006 language in the general appropriation act has effectively repealed this provision and, among other things, reduced the tax credit percentage from 45 percent to 40 percent.