A. The Superintendent of Public Instruction and the Commissioner of the StateDepartment of Social Services shall certify to the Department of Taxation, orin the case of business firms subject to a tax under Article 1 (§ 58.1-2500et seq.) of Chapter 25 or Article 2 (§ 58.1-2620 et seq.) of Chapter 26, tothe State Corporation Commission, the applicability of the tax creditprovided herein for a business firm.
B. A business firm shall be eligible for a credit against the taxes imposedby Articles 2 (§ 58.1-320 et seq.) and 10 (§ 58.1-400 et seq.) of Chapter 3,Chapter 12 (§ 58.1-1200 et seq.), Article 1 (§ 58.1-2500 et seq.) of Chapter25, or Article 2 (§ 58.1-2620 et seq.) of Chapter 26, in an amount equal to40 percent of the value of the money, property, professional services, andcontracting services donated by the business firm during its taxable year toneighborhood organizations for programs approved pursuant to § 58.1-439.20.Notwithstanding any other law and for purposes of this article, the value ofa motor vehicle donated by a business firm shall, in all cases, be such valueas determined for federal income tax purposes using the laws and regulationsof the United States relating to federal income taxes. No tax credit of lessthan $400 shall be granted for any donation, and a business firm shall not beallowed a tax credit in excess of $175,000 per taxable year. No tax creditshall be granted to any business firm for donations to a neighborhoodorganization providing job training or education for individuals employed bythe business firm. Any tax credit not usable for the taxable year thedonation was made may be carried over to the extent usable for the next fivesucceeding taxable years or until the full credit has been utilized,whichever is sooner. Credits granted to a partnership, electing smallbusiness (Subchapter S) corporation, or limited liability company shall beallocated to their individual partners, shareholders, or members,respectively, in proportion to their ownership or interest in such businessentities.
C. A tax credit shall be issued by the Superintendent of Public Instructionor the Commissioner of the State Department of Social Services to a businessfirm upon receipt of a certification made by a neighborhood organization towhom tax credits were allocated for an approved program pursuant to §58.1-439.20. The certification shall identify the type and value of thedonation received and the business firm making the donation. A business firmshall be eligible for a tax credit under this section only to the extent thatsufficient tax credits allocated to the neighborhood organization for anapproved project are available.
(1981, c. 629, § 63.1-324; 1982, c. 178; 1984, c. 720; 1986, c. 407; 1989, c.310; 1995, c. 279; 1996, c. 77; 1997, cc. 229, 640; 1999, cc. 890, 909; 2002,c. 747, § 63.2-2003; 2008, c. 585; 2009, c. 851.)
A. The Superintendent of Public Instruction and the Commissioner of the StateDepartment of Social Services shall certify to the Department of Taxation, orin the case of business firms subject to a tax under Article 1 (§ 58.1-2500et seq.) of Chapter 25 or Article 2 (§ 58.1-2620 et seq.) of Chapter 26, tothe State Corporation Commission, the applicability of the tax creditprovided herein for a business firm.
B. A business firm shall be eligible for a credit against the taxes imposedby Articles 2 (§ 58.1-320 et seq.) and 10 (§ 58.1-400 et seq.) of Chapter 3,Chapter 12 (§ 58.1-1200 et seq.), Article 1 (§ 58.1-2500 et seq.) of Chapter25, or Article 2 (§ 58.1-2620 et seq.) of Chapter 26, in an amount equal to40 percent of the value of the money, property, professional services, andcontracting services donated by the business firm during its taxable year toneighborhood organizations for programs approved pursuant to § 58.1-439.20.Notwithstanding any other law and for purposes of this article, the value ofa motor vehicle donated by a business firm shall, in all cases, be such valueas determined for federal income tax purposes using the laws and regulationsof the United States relating to federal income taxes. No tax credit of lessthan $400 shall be granted for any donation, and a business firm shall not beallowed a tax credit in excess of $175,000 per taxable year. No tax creditshall be granted to any business firm for donations to a neighborhoodorganization providing job training or education for individuals employed bythe business firm. Any tax credit not usable for the taxable year thedonation was made may be carried over to the extent usable for the next fivesucceeding taxable years or until the full credit has been utilized,whichever is sooner. Credits granted to a partnership, electing smallbusiness (Subchapter S) corporation, or limited liability company shall beallocated to their individual partners, shareholders, or members,respectively, in proportion to their ownership or interest in such businessentities.
C. A tax credit shall be issued by the Superintendent of Public Instructionor the Commissioner of the State Department of Social Services to a businessfirm upon receipt of a certification made by a neighborhood organization towhom tax credits were allocated for an approved program pursuant to §58.1-439.20. The certification shall identify the type and value of thedonation received and the business firm making the donation. A business firmshall be eligible for a tax credit under this section only to the extent thatsufficient tax credits allocated to the neighborhood organization for anapproved project are available.
(1981, c. 629, § 63.1-324; 1982, c. 178; 1984, c. 720; 1986, c. 407; 1989, c.310; 1995, c. 279; 1996, c. 77; 1997, cc. 229, 640; 1999, cc. 890, 909; 2002,c. 747, § 63.2-2003; 2008, c. 585; 2009, c. 851.)
A. The Superintendent of Public Instruction and the Commissioner of the StateDepartment of Social Services shall certify to the Department of Taxation, orin the case of business firms subject to a tax under Article 1 (§ 58.1-2500et seq.) of Chapter 25 or Article 2 (§ 58.1-2620 et seq.) of Chapter 26, tothe State Corporation Commission, the applicability of the tax creditprovided herein for a business firm.
B. A business firm shall be eligible for a credit against the taxes imposedby Articles 2 (§ 58.1-320 et seq.) and 10 (§ 58.1-400 et seq.) of Chapter 3,Chapter 12 (§ 58.1-1200 et seq.), Article 1 (§ 58.1-2500 et seq.) of Chapter25, or Article 2 (§ 58.1-2620 et seq.) of Chapter 26, in an amount equal to40 percent of the value of the money, property, professional services, andcontracting services donated by the business firm during its taxable year toneighborhood organizations for programs approved pursuant to § 58.1-439.20.Notwithstanding any other law and for purposes of this article, the value ofa motor vehicle donated by a business firm shall, in all cases, be such valueas determined for federal income tax purposes using the laws and regulationsof the United States relating to federal income taxes. No tax credit of lessthan $400 shall be granted for any donation, and a business firm shall not beallowed a tax credit in excess of $175,000 per taxable year. No tax creditshall be granted to any business firm for donations to a neighborhoodorganization providing job training or education for individuals employed bythe business firm. Any tax credit not usable for the taxable year thedonation was made may be carried over to the extent usable for the next fivesucceeding taxable years or until the full credit has been utilized,whichever is sooner. Credits granted to a partnership, electing smallbusiness (Subchapter S) corporation, or limited liability company shall beallocated to their individual partners, shareholders, or members,respectively, in proportion to their ownership or interest in such businessentities.
C. A tax credit shall be issued by the Superintendent of Public Instructionor the Commissioner of the State Department of Social Services to a businessfirm upon receipt of a certification made by a neighborhood organization towhom tax credits were allocated for an approved program pursuant to §58.1-439.20. The certification shall identify the type and value of thedonation received and the business firm making the donation. A business firmshall be eligible for a tax credit under this section only to the extent thatsufficient tax credits allocated to the neighborhood organization for anapproved project are available.
(1981, c. 629, § 63.1-324; 1982, c. 178; 1984, c. 720; 1986, c. 407; 1989, c.310; 1995, c. 279; 1996, c. 77; 1997, cc. 229, 640; 1999, cc. 890, 909; 2002,c. 747, § 63.2-2003; 2008, c. 585; 2009, c. 851.)
