§ 63.2-2002. Neighborhood Assistance Act
The Board is hereby authorized to adopt regulations consistent with the provisions, terms, and conditions of the Neighborhood Assistance Act Tax Credit (§ 58.1-439.18 et seq.). The Commissioner shall administer the Neighborhood Assistance Act Tax Credit program.
As provided in § 58.1-439.20, the total amount of tax credits granted for programs approved under the Neighborhood Assistance Act Tax Credit for each fiscal year shall not exceed $8 million; however, $2,750,000 shall be allocated to "education" programs conducted by "neighborhood organizations" as such terms are defined in § 58.1-439.18. Such allocation of tax credits to education programs shall constitute the minimum amount of tax credits to be allocated to education programs. However, if the amount of tax credits requested by neighborhood organizations for qualified education programs is less than $2,750,000, the balance of such amount shall be allocated to other types of qualified programs.
(1981, c. 629, § 63.1-323; 1982, c. 178; 1984, cc. 348, 720; 1986, c. 407; 1989, c. 310; 1993, c. 192; 1994, c. 611; 1996, cc. 694, 936; 1997, c. 640; 2000, c. 358; 2001, cc. 292, 300; 2002, c. 747; 2004, cc. 216, 699; 2007, c. 788; 2008, c. 585.)
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