Menu
2009 Session

Budget Amendments - SB850 (Member Request)

View Budget Item
View Budget Item amendments

Chief Patron: Stosch
Impact of SB1325 (language only)

Item 3-5.05 #1s

Item 3-5.05 #1s

Adjustments and Modifications to Tax Collections
Neighborhood Assistance Program and Schools for Children with Disabilities Fund Tax Credit

Language
Page 617, line 22, after "$12 million" strike ", (2) $1 million of the".
Page 617, strike line 23 through line 26.
Page 617, line 22, after "$12 million" insert
" allocated as follows: $6.75 million for education programs for approval by the Superintendent of Public Instruction and $5.25 million for programs other than education programs for approval by the Commissioner of the State Department of Social Services. If the amount of tax credits requested by neighborhood organizations and approved by the Superintendent for education programs is less than $6.75 million, then the balance of such amount shall be allocated to programs for approval by the Commissioner of the State Department of Social Services. If the amount of tax credits requested by neighborhood organizations and approved by the Commissioner of the State Department of Social Services is less than $5.25 million, then the balance of such amount shall be allocated to programs for approval by the Superintendent. The Superintendent and the Commissioner of the State Department of Social Services shall work cooperatively for purposes of allocating any balance of tax credits that have not been requested or approved and for ensuring that neighborhood organization proposals are submitted to the proper state agency. The Superintendent and the Commissioner of the State Department of Social Services may request the assistance of the Department of Taxation for purposes of determining whether or not anticipated donations for which tax credits are requested by a neighborhood organization likely qualify as a charitable donation under federal tax laws and regulations.  Notwithstanding any other provision of law, no more than an aggregate of $0.5 million in tax credits shall be approved in a fiscal year to a neighborhood organization or to a grouping of neighborhood organization affiliates."


Explanation
(This amendment revises allocation formulas related to the Neighborhood Assistance Tax Credit set forth in Part III to comport with the statutory provisions contained within SB 1325. In addition, the total amount of tax credits available to a single entity in a single year is capped at $500,000.)