Action:
Amend NAP Regulation to Comply with Statute Regarding Excess Tax Credits
Action 4776
General Information
Action Summary |
Amending this regulation is necessary to conform the Neighborhood Assistance Program (NAP) to legislation passed by the General Assembly in 2017. Chapter 147 of the Acts of Assembly (House Bill 1433) amends ยง 58.1-439 (B) (4) to require that at least 10 percent of the available amount of tax credits be allocated to qualified organizations not receiving allocations in the preceding year. If the amount of requested tax credits for qualified organizations is less than 10 percent of the available amount, the unallocated portion of such 10 percent must be allocated to other qualified organizations. An enactment clause made the legislation effective upon passage, which was February 23, 2017. |
Chapters Affected |
Only affects this chapter.
|
Executive Branch Review |
This Action is exempt from Article 2 of the Administrative Process Act.
The normal executive branch review process is not required. As such, it can be submitted directly for publication and
is effective upon publication.
Exempt Citation:
2.2-4006 (A) (4) (a)
|
RIS Project |
Yes [005053] |
Associated Mandates |
Neighborhood Assistance Act Tax Credit
|
Result of Prior Periodic Review Filed |
10/27/2015
|
New Periodic Review |
This action will not be used to conduct a new periodic review.
|
Stages
Stages associated with this regulatory action.
Stage ID |
Stage Type |
Status |
7859
|
Final
|
Stage complete. This regulation became effective on 06/15/2017. |
Contact Information
Name / Title:
|
Wanda Stevenson
/
NAP Program Technician
|
Address:
|
801 East Main Street
Richmond, VA 23219
|
Email Address:
|
wanda.stevenson@dss.virginia.gov
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Phone:
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(804)726-7924
FAX: ()-
TDD: ()-
|
This person is the primary contact for this chapter.