Virginia House Bill 340 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 10 2012 - 25% progression, died in chamber
Action: 2012-01-30 - House: Stricken from docket by Finance by voice vote
Text: Latest bill text (Prefiled) [HTML]

Neighborhood assistance tax credits. Provides that an auxiliary, subsidiary, or subordinate of a §501(c)(3) or 501(c)(4) nonprofit is a neighborhood organization that may submit a proposal for an allocation of neighborhood assistance tax credits, regardless of whether the auxiliary, subsidiary, or subordinate holds a ruling that it is exempt from income taxation under the provisions of §§501(c)(3) and 501(c)(4). The auxiliary, subsidiary, or subordinate would be subject to all other conditions and requirements that neighborhood organizations must meet for an allocation of tax credits. As part of any tax credit proposal, the auxiliary, subsidiary, or subordinate would be required to include information that clearly establishes the §501(c)(3) or 501(c)(4) nonprofit under which it is controlled. The auxiliary, subsidiary, or subordinate would be deemed an affiliate of the §501(c)(3) or 501(c)(4) organization under which it is controlled for purposes of any limitation on the aggregate amount of tax credits that can be approved to a grouping of neighborhood organization affiliates.

Neighborhood Assistance Act Tax Credit Program; requires organization must meet for tax credits.

Del. Tony Wilt [R]

Date	Chamber	Action
2012-01-30		House: Stricken from docket by Finance by voice vote
2012-01-25		House: Subcommittee recommends striking from docket by voice vote
2012-01-13		House: Assigned Finance sub: #2
2012-01-10		House: Referred to Committee on Finance
2012-01-10		House: Prefiled and ordered printed; offered 01/11/12 12102661D

Chapter	Article	Section	Citation Type	Statute Text
58	1	439.18	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?121+sum+HB340
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+HB340+hil