SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1995 SESSION
LD9727244Be it enacted by the General Assembly of Virginia:
1. That § 63.1-323 of the Code of Virginia is amended and reenacted as follows:
§ 63.1-323. Tax credit authorized; proposals; regulations; amount for programs.
Any business firm that engages in the activities of providing neighborhood
assistance, job training or education for individuals not employed by the
business firm, community services or crime prevention services in an
impoverished area or for impoverished people shall receive a tax credit as
provided in § 63.1-324, if the Commissioner of Social Services or his
designee approves the proposal of such business firm or of a neighborhood
organization. The proposal shall set forth the program to be conducted, the
impoverished area or impoverished people selected, the estimated amount to be
invested in the program and the plans for implementing the program. A copy of
the proposal shall be submitted by the Commissioner of Social Services or his
designee to all planning district commissions within whose boundaries the
proposal will operate. The planning district commissions shall thereafter
notify their respective local units of government of the contents of the
proposal. Such commission or the governing body of each governmental
subdivision may thereafter comment in writing on the proposal to the
Commissioner or his designee. If, in the opinion of the Commissioner or his
designee, a business firm's investment can more consistently meet with the
purposes of this chapter if made through contributions to a nonprofit
neighborhood organization, a tax credit may similarly be allowed as provided
in § 63.1-324. The Commissioner of Social Services or his designee is hereby
authorized to promulgate regulations for the approval or disapproval of such
proposals by business firms or neighborhood organizations. Such regulations
shall contain a requirement that an annual audit be provided by the business
firm or neighborhood organization as a prerequisite for approval. Through
June 30, 1996 1995, the total amount of tax credit
granted for programs approved under this chapter for each fiscal year shall
not exceed $5,250,000. From July 1, 1996 1995, through
June 30, 1998, the total amount of tax credit granted for programs approved
under this chapter for each fiscal year shall not exceed eight million
dollars. Tax credits shall not be authorized after fiscal year 1998.