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2019 SESSION

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SB 1754 Neighborhood Assistance Act; tax credits.

Introduced by: Emmett W. Hanger, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)


Neighborhood Assistance Act tax credits. Allows a neighborhood organization to qualify to receive an allocation of tax credits from the Department of Education if (i) at least 50 percent of the persons served by the neighborhood organization, either directly by the neighborhood organization or through the provision of revenues to other organizations or groups serving such persons, are low-income persons or eligible students with disabilities and (ii) at least 50 percent of the neighborhood organization's revenues are used to provide services to low-income persons or eligible students with disabilities, either directly by the organization or through the provision of revenues to other organizations or groups providing such services.

The bill also provides that an individual shall be eligible for a tax credit equal to 65 percent of the value of a monetary donation or a donation of marketable securities made to an approved neighborhood organization for education purposes. The credit shall not be issued for any donation made in the taxable year with a value of less than $500 and shall be issued only for the first $125,000 in value of donations made by the individual during the taxable year. Allowing education-related donations to be eligible for the credit equalizes treatment of education and social services donations. Under current law, individuals are only eligible for a tax credit for a donation to an approved neighborhood organization if the donation is for social services purposes.

The bill also provides that an individual must be a resident of Virginia in order to be considered a low-income person or eligible student with a disability by amending the definitions of those terms.

The bill incorporates SB 1730.

 


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