Neighborhood Assistance Act Tax Credit; changes administration of and eligibility for an allocation.

Changes the administration of the Neighborhood Assistance Act Tax Credit and the eligibility for an allocation of tax credits. The bill would provide that nonprofit organizations with education proposals that serve individuals with family annual income not in excess of 180 percent of the federal poverty guidelines would be eligible for an allocation of neighborhood assistance tax credits. Current Department of Social Services regulations (22 VAC 40-41-10) sets eligibility for tax credits for programs that serve individuals with family annual income not in excess of 150 percent of the federal poverty guidelines, which eligibility requirement remains the same for other than education proposals. The bill would provide that programs that offer counseling or supportive services to students or their parents in developing a postsecondary academic or vocational education plan or scholarships would be eligible for tax credits. The bill would establish a $0.5 million annual limit in tax credits for each neighborhood organization or a grouping of neighborhood organization affiliates. The bill would require the Department of Education to allocate up to $4.9 million in tax credits each year for education-related programs and $7 million for all other proposals approved by the Department of Social Services.

22 vac 40 - 41 : Neighborhood Assistance Tax Credit Program