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2015 SESSION

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HB 1701 Neighborhood assistance tax; tax credit percentage for business firm or an individual.

Introduced by: Tony O. Wilt | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED HOUSE: (all summaries)

Neighborhood assistance tax credits; tax credit percentage. Provides that a business firm or an individual making a qualified donation may by written agreement accept a tax credit of less than 65 percent for such donation. Under current law, a business firm and an individual are allowed a tax credit equal to 65 percent of the value of any qualifying donation made to a neighborhood organization. If a business firm or individual accepts a tax credit of less than 65 percent, the neighborhood organization must include the written agreement in the tax credit certification materials it provides to the Superintendent of Public Instruction or the Commissioner of the Department of Social Services. The bill also provides that no credit will be granted for any donation with a value of less than $616. The provisions of the bill are effective beginning with the 2015 taxable year.


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