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1996 SESSION
967130260Patrons-- Jones, D.C., Christian, Crittenden, Cunningham, Hall, Jones, J.C., McEachin, Melvin and Spruill; Senators: Lambert, Marsh, Maxwell and Miller, Y.B.
Be 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
State Board of Social Services 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 under this chapter shall be for programs
serving impoverished areas. For
purposes of this section, impoverished areas shall meet
the following criteria: (i) have twenty-five percent or more of the population
with incomes below eighty percent of the median income of the jurisdiction,
(ii) have an unemployment rate of 1.5 times the state average, or (iii) have a
demonstrated floor area vacancy rate of industrial and/or
commercial properties of twenty percent or more. Tax credits
shall not be authorized after fiscal year 1998.