Neighborhood Assistance Act Tax Credit
Purpose of legislation
Modifies the requirement that at least 10 percent of all available tax credits be allocated to organizations that have not previously received tax credits by providing that the allocation for such organizations is required only if the General Assembly increases the amount of available credits year over year. The bill requires that the allocation be at least 10 percent of credits created by the increase rather than 10 percent of all available credits. Current law limits credits to $9 million for education proposals approved by the Superintendent of Public Instruction and $8 million for proposals approved by the Commissioner of Social Services.
|Legislation mandating a change||Chap 147 (2017)|
|VAC chapters to be amended|
|Associated Regulatory Actions||No regulatory action has been filed.|