§ 10.1-2213.1. Matching grants for contributions to a material restoration ofa Presidential home.
A. As used in this section, unless the context requires a different meaning:
"Charitable contribution" means a cash contribution from an individual,estate, corporation, partnership, trust, foundation, fund, association or anyother entity or organization provided that (i) the contribution is allowableas a deduction for federal tax purposes or (ii) would have been allowable asa deduction for federal tax purposes had the entity or organization beensubject to federal taxes.
"Eligible restoration expenses" means expenses incurred in the materialrestoration of a historic presidential home and, except in the case ofdemolition necessary to accomplish the restoration plan, added to theproperty's capital account.
"Foundation" means an entity that is exempt from federal taxation under §501(c)(3) of the Internal Revenue Code of 1986, as may be amended, that isprimarily responsible for the material restoration of a historic presidentialhome.
"Historic presidential home" means any home of a President of the UnitedStates located in Orange County, Virginia that is individually designated asa National Historic Landmark by the United States Secretary of the Interior.
"Material restoration" means restoration work (i) that restores a historicpresidential home to within the period of significance stated in the NationalHistoric Landmark individual designation of such home by the United StatesSecretary of the Interior, (ii) that is consistent with "The Secretary ofthe Interior's Standards for Restoration," and (iii) the cost of whichamounts to at least 50 percent of the assessed value of such home for localreal estate tax purposes for the year prior to the initial expenditure of anyeligible restoration expenses, unless such home is an owner-occupiedbuilding, in which case the cost shall amount to at least 25 percent of theassessed value of such home for local real estate tax purposes for the yearprior to the initial expenditure of any eligible restoration expenses.
B. The Commonwealth shall provide matching grants for charitablecontributions received on or after July 1, 2003, by the Foundation that areactually spent or expended by the Foundation in the material restoration of ahistoric presidential home. The amount of the matching grant to be paid bythe Commonwealth shall equal $0.20 for each $1 of charitable contributionthat is actually spent or expended by the Foundation in the materialrestoration of a historic presidential home.
C. In January of each calendar year the Foundation shall submit to theDirector the total amount of charitable contributions it received that wereactually spent or expended in the immediately preceding calendar year for thematerial restoration of a historic presidential home. As a condition ofreceiving a matching grant, the Foundation shall at the same time submit tothe Director such other information requested by the Director that isreasonably necessary to verify such charitable contributions and the actualuse of such contributions.
The Director shall, as soon as practicable after receiving such submissionand verifying such charitable contributions and their actual expenditure forthe material restoration of a historic presidential home, make a writtencertification to the Comptroller of the amount of the grant to be paid to theFoundation. The amount of the grant for each calendar year shall be paid tothe Foundation in six equal annual installments on March 15 of each yearbeginning with the year of the Director's certification for the relevantcalendar year.
D. In no case shall the total amount of grants paid under this section exceed20 percent of the estimated eligible restoration expenses of the historicpresidential home. The Director is authorized to suspend the processing ofcharitable contribution submissions made by the Foundation if the Directorreasonably believes that (i) such maximum amount may be exceeded or (ii) thematerial restoration will not be performed or such restoration work has beenindefinitely suspended.
§ 10.1-2213.1. Matching grants for contributions to a material restoration ofa Presidential home.
A. As used in this section, unless the context requires a different meaning:
"Charitable contribution" means a cash contribution from an individual,estate, corporation, partnership, trust, foundation, fund, association or anyother entity or organization provided that (i) the contribution is allowableas a deduction for federal tax purposes or (ii) would have been allowable asa deduction for federal tax purposes had the entity or organization beensubject to federal taxes.
"Eligible restoration expenses" means expenses incurred in the materialrestoration of a historic presidential home and, except in the case ofdemolition necessary to accomplish the restoration plan, added to theproperty's capital account.
"Foundation" means an entity that is exempt from federal taxation under §501(c)(3) of the Internal Revenue Code of 1986, as may be amended, that isprimarily responsible for the material restoration of a historic presidentialhome.
"Historic presidential home" means any home of a President of the UnitedStates located in Orange County, Virginia that is individually designated asa National Historic Landmark by the United States Secretary of the Interior.
"Material restoration" means restoration work (i) that restores a historicpresidential home to within the period of significance stated in the NationalHistoric Landmark individual designation of such home by the United StatesSecretary of the Interior, (ii) that is consistent with "The Secretary ofthe Interior's Standards for Restoration," and (iii) the cost of whichamounts to at least 50 percent of the assessed value of such home for localreal estate tax purposes for the year prior to the initial expenditure of anyeligible restoration expenses, unless such home is an owner-occupiedbuilding, in which case the cost shall amount to at least 25 percent of theassessed value of such home for local real estate tax purposes for the yearprior to the initial expenditure of any eligible restoration expenses.
B. The Commonwealth shall provide matching grants for charitablecontributions received on or after July 1, 2003, by the Foundation that areactually spent or expended by the Foundation in the material restoration of ahistoric presidential home. The amount of the matching grant to be paid bythe Commonwealth shall equal $0.20 for each $1 of charitable contributionthat is actually spent or expended by the Foundation in the materialrestoration of a historic presidential home.
C. In January of each calendar year the Foundation shall submit to theDirector the total amount of charitable contributions it received that wereactually spent or expended in the immediately preceding calendar year for thematerial restoration of a historic presidential home. As a condition ofreceiving a matching grant, the Foundation shall at the same time submit tothe Director such other information requested by the Director that isreasonably necessary to verify such charitable contributions and the actualuse of such contributions.
The Director shall, as soon as practicable after receiving such submissionand verifying such charitable contributions and their actual expenditure forthe material restoration of a historic presidential home, make a writtencertification to the Comptroller of the amount of the grant to be paid to theFoundation. The amount of the grant for each calendar year shall be paid tothe Foundation in six equal annual installments on March 15 of each yearbeginning with the year of the Director's certification for the relevantcalendar year.
D. In no case shall the total amount of grants paid under this section exceed20 percent of the estimated eligible restoration expenses of the historicpresidential home. The Director is authorized to suspend the processing ofcharitable contribution submissions made by the Foundation if the Directorreasonably believes that (i) such maximum amount may be exceeded or (ii) thematerial restoration will not be performed or such restoration work has beenindefinitely suspended.
§ 10.1-2213.1. Matching grants for contributions to a material restoration ofa Presidential home.
A. As used in this section, unless the context requires a different meaning:
"Charitable contribution" means a cash contribution from an individual,estate, corporation, partnership, trust, foundation, fund, association or anyother entity or organization provided that (i) the contribution is allowableas a deduction for federal tax purposes or (ii) would have been allowable asa deduction for federal tax purposes had the entity or organization beensubject to federal taxes.
"Eligible restoration expenses" means expenses incurred in the materialrestoration of a historic presidential home and, except in the case ofdemolition necessary to accomplish the restoration plan, added to theproperty's capital account.
"Foundation" means an entity that is exempt from federal taxation under §501(c)(3) of the Internal Revenue Code of 1986, as may be amended, that isprimarily responsible for the material restoration of a historic presidentialhome.
"Historic presidential home" means any home of a President of the UnitedStates located in Orange County, Virginia that is individually designated asa National Historic Landmark by the United States Secretary of the Interior.
"Material restoration" means restoration work (i) that restores a historicpresidential home to within the period of significance stated in the NationalHistoric Landmark individual designation of such home by the United StatesSecretary of the Interior, (ii) that is consistent with "The Secretary ofthe Interior's Standards for Restoration," and (iii) the cost of whichamounts to at least 50 percent of the assessed value of such home for localreal estate tax purposes for the year prior to the initial expenditure of anyeligible restoration expenses, unless such home is an owner-occupiedbuilding, in which case the cost shall amount to at least 25 percent of theassessed value of such home for local real estate tax purposes for the yearprior to the initial expenditure of any eligible restoration expenses.
B. The Commonwealth shall provide matching grants for charitablecontributions received on or after July 1, 2003, by the Foundation that areactually spent or expended by the Foundation in the material restoration of ahistoric presidential home. The amount of the matching grant to be paid bythe Commonwealth shall equal $0.20 for each $1 of charitable contributionthat is actually spent or expended by the Foundation in the materialrestoration of a historic presidential home.
C. In January of each calendar year the Foundation shall submit to theDirector the total amount of charitable contributions it received that wereactually spent or expended in the immediately preceding calendar year for thematerial restoration of a historic presidential home. As a condition ofreceiving a matching grant, the Foundation shall at the same time submit tothe Director such other information requested by the Director that isreasonably necessary to verify such charitable contributions and the actualuse of such contributions.
The Director shall, as soon as practicable after receiving such submissionand verifying such charitable contributions and their actual expenditure forthe material restoration of a historic presidential home, make a writtencertification to the Comptroller of the amount of the grant to be paid to theFoundation. The amount of the grant for each calendar year shall be paid tothe Foundation in six equal annual installments on March 15 of each yearbeginning with the year of the Director's certification for the relevantcalendar year.
D. In no case shall the total amount of grants paid under this section exceed20 percent of the estimated eligible restoration expenses of the historicpresidential home. The Director is authorized to suspend the processing ofcharitable contribution submissions made by the Foundation if the Directorreasonably believes that (i) such maximum amount may be exceeded or (ii) thematerial restoration will not be performed or such restoration work has beenindefinitely suspended.
