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Developed and maintained by the Division of Legislative Automated Systems.
1996 SESSION
964350204Be 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, 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, 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 ten million dollars. At least two million
dollars of the total annual amount of tax credits granted under this chapter
shall be for programs serving impoverished areas. Tax credits shall not
be authorized after fiscal year 1998.