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1996 SESSION
967809310Be 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
1998, 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 1998, through June 30, 1998 2000, the total
amount of tax credit granted for programs approved under this chapter for each
fiscal year shall not exceed eight ten million dollars. 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 locality, (ii) have an unemployment
rate of at least 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 2000.
2. That the fourth enactment of Chapter 629 of the Acts of Assembly of 1981, as amended by Chapter 407 of the Acts of Assembly of 1986, Chapter 660 of the Acts of Assembly of 1990, and Chapter 779 of the Acts of Assembly of 1995, is amended and reenacted as follows:
4. That this act shall expire on July 1, 1998 July 1, 2000, and
be of no further force or effect; however, a business firm which received the
tax credit provided by this act while it was in effect shall be entitled to
carry over that credit for the next five succeeding taxable years whether or
not this act shall expire on July 1, 1998 July 1, 2000.