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2013 SESSION
SB 1009 Neighborhood Assistance Act; certain requirements neighborhood organization must meet, etc.
Introduced by: William M. Stanley, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:
Neighborhood Assistance Act tax credits. Makes several changes to the requirements that a neighborhood organization must meet in order for a proposal to be approved under the Neighborhood Assistance Act tax credit program. In order to be approved for an allocation of credits from the Department of Education, an organization must have been in existence for at least one year, and at least 50 percent of its revenues must be used to provide services to low-income persons or eligible persons with disabilities. In order to be approved for an allocation of credits from either the Department of Education or the State Board of Social Services, a neighborhood organization and any of its affiliates must meet the requirements set forth in the applicable guidelines or regulations. The bill also clarifies the requirements for a neighborhood organization to submit an annual audit, review, or compilation.
SUMMARY AS PASSED:
Neighborhood Assistance Act tax credits. Makes several changes to the requirements that a neighborhood organization must meet in order for a proposal to be approved under the Neighborhood Assistance Act tax credit program. In order to be approved for an allocation of credits from the Department of Education, an organization must have been in existence for at least one year, and at least 50 percent of its revenues must be used to provide services to low-income persons or eligible persons with disabilities. In order to be approved for an allocation of credits from either the Department of Education or the State Board of Social Services, a neighborhood organization and any of its affiliates must meet the requirements set forth in the applicable guidelines or regulations. The bill also clarifies the requirements for a neighborhood organization to submit an annual audit, review, or compilation.
SUMMARY AS INTRODUCED:
Neighborhood Assistance Act tax credits. Makes several changes to the requirements that a neighborhood organization must meet in order for a proposal to be approved under the Neighborhood Assistance Act tax credit program. In order to be approved for an allocation of credits from the Department of Education, an organization must have been in existence for at least one year, and at least 50 percent of its revenues must be used to provide services to low-income persons or eligible persons with disabilities. In order to be approved for an allocation of credits from either the Department of Education or the State Board of Social Services, a neighborhood organization and any of its affiliates must meet the requirements set forth in the applicable guidelines or regulations. The bill also clarifies the requirements for a neighborhood organization to submit an annual audit, review, or compilation.