5.04 (language only)
§3-5.04 NEIGHBORHOOD ASSISTANCE ACT TAX CREDIT
A. The $50,000 $125,000 taxable year limitation
on individual tax credits donations under the Neighborhood
Assistance Act pursuant to §58.1-439.24 of the Code of Virginia shall not apply
in any taxable year beginning in the relevant fiscal year of the Commonwealth
if, after an equitable allocation of tax credits under the Act of such relevant
fiscal year, the total amount of tax credits granted for all programs approved
under the Act for such fiscal year was less than $15.0 million.
B. For purposes of this section, the term
"individual" means the same as that term is defined in §58.1-302,
but excluding any individual included in the definition of a "business
firm" as such term is defined in §58.1-439.18.
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