Adjust NAP and EISTC Credits (language only)

Item 3-5.20 #1c

Language

Page 563, before line 23, insert:

"A. Notwithstanding § 58.1-439.20 or any other provision of law, for fiscal Year 2023 and fiscal year 2024, the amount of the Neighborhood Assistance Act Tax Credit available under § 58.1-439.18 et seq., Code of Virginia, shall be limited to $20 million allocated as follows: $12.0 million for education proposals for approval by the Superintendent of Public Instruction and $8.0 million for all other proposals for approval by the Commissioner of the State Department of Social Services.  In making such equitable allocation of credits, the Commissioner of Social Services and the Superintendent of Public Instruction shall consider the portion of a neighborhood organization's revenues and expenses that are used to serve low-income persons and shall not rely solely on the amount of credits allocated to the neighborhood organization in the prior year in allocating available credits.

B. For purposes of this section, the term "individual" means the same as that term is defined in § 58.1-302, but excluding any individual included in the definition of a "business firm" as such term is defined in § 58.1-439.18.

C.  Notwithstanding § 58.1-439.26 or any other provision of law, for fiscal year 2023 and fiscal year 2024, the amount of the Tax Credit for Donations to Certain Scholarship Foundations shall be limited to $12.0 million."

Page 563, line 23, before "Notwithstanding, insert "D."