Department of Education

 

GDForum ID: 10

Description of Proposed Guidance Document Changes

Summary of Major Changes to the Guidelines for the Neighborhood Assistance Act Tax Credit Program for Education: Page 10 VI.D. If the donor’s first donation to a neighborhood organization in a taxable year meets or exceeds the statutorily required minimum value, other donations cannot be included on the same TCR form. . . After a donor meets or exceeds the required minimum donation amount, the donor can receive additional tax credits for donations that are each less than the minimum donation amount, provided that the donations are all made within the same taxable year and submitted on individual TCR forms. Page 11 VI.G. To ensure timely reporting to the Virginia Department of Taxation (TAX), and full utilization of tax credits, beginning with program year 2019-2020, the neighborhood organization must submit each tax credit request form and supporting documentation to the Department of Education within 40 calendar days of the date of donation, and, for program year 2018-2019, within 40 calendar days of the end of the program year. Organizations that use 100 percent of their tax credit allocation before the end of the program year and submit a “wait list” form as prescribed by the Department for one or more qualified donations within 40 calendar days of the date of donation will be eligible for an allocation of additional tax credits if tax credits become available for reallocation. If an organization receives notification of an additional allocation of tax credits, Tax Credit Request (TCR) forms and supporting documentation for donors on the “wait list” must be submitted within 40 calendar days of the date of the notification.

 

Guidance Document(s) for this Comment Forum

Document ID	Document Title	Current Document	Proposed Document
Tax Credits	Guidelines for the Neighborhood Assistance Act Tax Credit Program for Education	Document	Proposed Document	Posted with Revised Changes on 12/05/2019

 

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