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2014 Special Session I

Budget Amendments - SB5003 (Committee Approved)

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NAP Part III Technical Correction (language only)

Item 3-5.04 #1s

Item 3-5.04 #1s

Adjustments and Modifications to Tax Collections
Neighborhood Assistance Act Tax Credit

Language
Page 450, strike lines 44 through 46 and insert:
"A.  The $125,000 limit on donations for which tax credits may be issued for taxable year 2014 pursuant to Section 58.1-439.24 of the Code of Virginia shall not apply if, after an equitable allocation of tax credits for Fiscal Year 2015 under the Neighborhood Assistance Act Tax Credit Program, the total amount of tax credits allocated for all programs approved under the Act was less than $16 million.The $125,000 limit on donations for which tax credits may be issued for taxable year 2015 pursuant to Section 58.1-439.24 of the Code of Virginia shall not apply if, after an equitable allocation of tax credits for Fiscal Year 2016 under the Neighborhood Assistance Act Tax Credit Program, the total amount of tax credits allocated for all programs approved under the Act was less than $17 million.However, in no event shall (i) more than $16 million in tax credits be issued for Fiscal Year 2015 and (ii) more than $17 million in tax credits be issued for Fiscal Year 2016 under the Act."


Explanation
(This amendment makes technical changes to language related to the Neighborhood Assistance Tax Credit Program to make it consistent with the Code of Virginia.)