2006 Code of Virginia § 63.2-2002 - Proposals; regulations; tax credits authorized; amount for programs
63.2-2002. Proposals; regulations; tax credits authorized; amount forprograms.
A. Any neighborhood organization may submit a proposal to the Commissionerrequesting an allocation of tax credits for use by business firms makingdonations to the neighborhood organization. The proposal shall set forth theprogram to be conducted by the neighborhood organization, the impoverishedpeople to be assisted, the estimated amount to be donated to the program andthe plans for implementing the program.
B. The Board is hereby authorized to adopt regulations for the approval ordisapproval of such proposals by neighborhood organizations and fordetermining the value of the donations. Such regulations shall contain arequirement that an annual audit be provided by the neighborhood organizationas a prerequisite for approval. Such regulations shall provide for theequitable allocation of the available amount of tax credits among theapproved proposals submitted by neighborhood organizations. The regulationsshall also provide that at least 10 percent of the available amount of taxcredits each year shall be allocated to qualified programs proposed byneighborhood organizations not receiving allocations in the preceding year;however, if the amount of tax credits for qualified programs requested bysuch neighborhood organizations is less than 10 percent of the availableamount of tax credits, the unallocated portion of such 10 percent of theavailable amount of tax credits shall be allocated to qualified programsproposed by other neighborhood organizations.
C. If the Commissioner approves a proposal submitted by a neighborhoodorganization, the organization shall make the allocated tax credit amountsavailable to business firms making donations to the approved program. Aneighborhood organization shall not assign or transfer an allocation of taxcredits to another neighborhood organization without the approval of theCommissioner.
D. The total amount of tax credits granted for programs approved under thischapter for each fiscal year shall not exceed $8 million; however, $2,750,000shall be allocated to education programs conducted by neighborhoodorganizations. Such allocation of tax credits to education programs shallconstitute the minimum amount of tax credits to be allocated to educationprograms. However, if the amount of tax credits requested by neighborhoodorganizations for qualified education programs is less than $2,750,000, thebalance of such amount shall be allocated to other types of qualifiedprograms. Tax credits shall not be authorized after fiscal year 2009.
(1981, c. 629, 63.1-323; 1982, c. 178; 1984, cc. 348, 720; 1986, c. 407;1989, c. 310; 1993, c. 192; 1994, c. 611; 1996, cc. 694, 936; 1997, c. 640;2000, c. 358; 2001, cc. 292, 300; 2002, c. 747; 2004, cc. 216, 699.)
Disclaimer: These codes may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.