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2017 SESSION

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HB 1433 Neighborhood Assistance Act Tax Credit; allocation to certain organizations.

Introduced by: Peter F. Farrell | all patrons    ...    notes | add to my profiles | history

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:

Neighborhood Assistance Act Tax Credit program. Modifies the requirement that at least 10 percent of all available Neighborhood Assistance Act tax credits be allocated to organizations that have not previously received tax credits by providing that the allocation for such organizations is required only if the General Assembly increases the amount of available credits year over year. The bill requires that the allocation be at least 10 percent of credits created by the increase rather than 10 percent of all available credits. Current law limits credits to $9 million for education proposals approved by the Superintendent of Public Instruction and $8 million for proposals approved by the Commissioner of Social Services. The bill contains an emergency clause.

SUMMARY AS INTRODUCED:

Neighborhood Assistance Act Tax Credit. Modifies the requirement that at least 10 percent of all available tax credits be allocated to organizations that have not previously received tax credits by providing that the allocation for such organizations is required only if the General Assembly increases the amount of available credits year over year. The bill requires that the allocation be at least 10 percent of credits created by the increase rather than 10 percent of all available credits. Current law limits credits to $9 million for education proposals approved by the Superintendent of Public Instruction and $8 million for proposals approved by the Commissioner of Social Services.