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2016 SESSION

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SB 422 Neighborhood Assistance Act; increases maximum amount of tax credits that may be issued.

Introduced by: Jill Holtzman Vogel | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Neighborhood Assistance Act tax credits. Increases from $9 million to $11 million the maximum amount of tax credits that may be issued each year by the Superintendent of Public Instruction for education-related programs and increases from $8 million to $11 million the maximum amount of tax credits that may be issued each year by the Commissioner of the State Department of Social Services for all other programs. The increases are effective beginning with fiscal year 2017.

The bill eliminates the requirement that at least 10 percent of the available amount of neighborhood assistance tax credits each year must be reserved for nonprofit organizations that did not receive an allocation of such credits in the preceding year.

For credit allocations beginning in fiscal year 2016-2017 from the Department of Social Services, the requirement that at least 50 percent of the persons served by a neighborhood organization be low-income persons does not apply if the neighborhood organization is primarily operated to provide on-site services to individuals with intellectual or developmental disabilities.


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