For purposes of this section, the term "individual" means the same as thatterm is defined in § 58.1-302, but excluding any individual included in thedefinition of a "business firm" as such term is defined in § 58.1-439.18.
A. Notwithstanding any provision of this article limiting eligibility for taxcredits, an individual making a monetary donation or a donation of marketablesecurities to a neighborhood organization approved under this article shallbe eligible for a credit against taxes imposed by § 58.1-320 as provided inthis section.
B. Notwithstanding any provision of this article specifying the amount of atax credit, a tax credit issued to an individual making a monetary donationor a donation of marketable securities to an approved project shall be equalto 40 percent of the value of such donation; however, tax credits shall notbe issued for any donation made in the taxable year with a value of less than$500, and no more than $50,000 in tax credit shall be issued to an individualor to married persons in a taxable year.
C. An individual shall be eligible for a tax credit under this section onlyto the extent that sufficient tax credits allocated to the neighborhoodorganization approved under this article are available.
D. The amount of credit allowed pursuant to this section, if such credit hasbeen issued by the Superintendent of Public Instruction or the Commissionerof the State Department of Social Services, shall not exceed the tax imposedpursuant to § 58.1-320 for such taxable year. Any credit not usable for thetaxable year may be carried over for credit against the individual's incometaxes until the earlier of (i) the full amount of the credit is used or (ii)the expiration of the fifth taxable year after the taxable year in which thetax credit has been issued to such individual. If an individual that issubject to the tax limitation imposed pursuant to this subsection is allowedanother credit pursuant to any other section of the Code of Virginia, or hasa credit carryover from a preceding taxable year, such individual shall beconsidered to have first utilized any credit allowed that does not have acarryover provision, and then any credit that is carried forward from apreceding taxable year, prior to the utilization of any credit allowedpursuant to this section.
E. A tax credit shall be issued by the Superintendent of Public Instructionor the Commissioner of the State Department of Social Services to anindividual only upon receipt of a certification made by a neighborhoodorganization to whom tax credits were allocated for an approved programpursuant to § 58.1-439.20. The certification shall identify the type andvalue of the donation received and the individual making the donation.
(2000, c. 946, § 63.1-325.2; 2001, cc. 292, 300; 2002, cc. 563, 747, §63.2-2006; 2005, c. 82; 2008, cc. 463, 585; 2009, c. 851.)
For purposes of this section, the term "individual" means the same as thatterm is defined in § 58.1-302, but excluding any individual included in thedefinition of a "business firm" as such term is defined in § 58.1-439.18.
A. Notwithstanding any provision of this article limiting eligibility for taxcredits, an individual making a monetary donation or a donation of marketablesecurities to a neighborhood organization approved under this article shallbe eligible for a credit against taxes imposed by § 58.1-320 as provided inthis section.
B. Notwithstanding any provision of this article specifying the amount of atax credit, a tax credit issued to an individual making a monetary donationor a donation of marketable securities to an approved project shall be equalto 40 percent of the value of such donation; however, tax credits shall notbe issued for any donation made in the taxable year with a value of less than$500, and no more than $50,000 in tax credit shall be issued to an individualor to married persons in a taxable year.
C. An individual shall be eligible for a tax credit under this section onlyto the extent that sufficient tax credits allocated to the neighborhoodorganization approved under this article are available.
D. The amount of credit allowed pursuant to this section, if such credit hasbeen issued by the Superintendent of Public Instruction or the Commissionerof the State Department of Social Services, shall not exceed the tax imposedpursuant to § 58.1-320 for such taxable year. Any credit not usable for thetaxable year may be carried over for credit against the individual's incometaxes until the earlier of (i) the full amount of the credit is used or (ii)the expiration of the fifth taxable year after the taxable year in which thetax credit has been issued to such individual. If an individual that issubject to the tax limitation imposed pursuant to this subsection is allowedanother credit pursuant to any other section of the Code of Virginia, or hasa credit carryover from a preceding taxable year, such individual shall beconsidered to have first utilized any credit allowed that does not have acarryover provision, and then any credit that is carried forward from apreceding taxable year, prior to the utilization of any credit allowedpursuant to this section.
E. A tax credit shall be issued by the Superintendent of Public Instructionor the Commissioner of the State Department of Social Services to anindividual only upon receipt of a certification made by a neighborhoodorganization to whom tax credits were allocated for an approved programpursuant to § 58.1-439.20. The certification shall identify the type andvalue of the donation received and the individual making the donation.
(2000, c. 946, § 63.1-325.2; 2001, cc. 292, 300; 2002, cc. 563, 747, §63.2-2006; 2005, c. 82; 2008, cc. 463, 585; 2009, c. 851.)
For purposes of this section, the term "individual" means the same as thatterm is defined in § 58.1-302, but excluding any individual included in thedefinition of a "business firm" as such term is defined in § 58.1-439.18.
A. Notwithstanding any provision of this article limiting eligibility for taxcredits, an individual making a monetary donation or a donation of marketablesecurities to a neighborhood organization approved under this article shallbe eligible for a credit against taxes imposed by § 58.1-320 as provided inthis section.
B. Notwithstanding any provision of this article specifying the amount of atax credit, a tax credit issued to an individual making a monetary donationor a donation of marketable securities to an approved project shall be equalto 40 percent of the value of such donation; however, tax credits shall notbe issued for any donation made in the taxable year with a value of less than$500, and no more than $50,000 in tax credit shall be issued to an individualor to married persons in a taxable year.
C. An individual shall be eligible for a tax credit under this section onlyto the extent that sufficient tax credits allocated to the neighborhoodorganization approved under this article are available.
D. The amount of credit allowed pursuant to this section, if such credit hasbeen issued by the Superintendent of Public Instruction or the Commissionerof the State Department of Social Services, shall not exceed the tax imposedpursuant to § 58.1-320 for such taxable year. Any credit not usable for thetaxable year may be carried over for credit against the individual's incometaxes until the earlier of (i) the full amount of the credit is used or (ii)the expiration of the fifth taxable year after the taxable year in which thetax credit has been issued to such individual. If an individual that issubject to the tax limitation imposed pursuant to this subsection is allowedanother credit pursuant to any other section of the Code of Virginia, or hasa credit carryover from a preceding taxable year, such individual shall beconsidered to have first utilized any credit allowed that does not have acarryover provision, and then any credit that is carried forward from apreceding taxable year, prior to the utilization of any credit allowedpursuant to this section.
E. A tax credit shall be issued by the Superintendent of Public Instructionor the Commissioner of the State Department of Social Services to anindividual only upon receipt of a certification made by a neighborhoodorganization to whom tax credits were allocated for an approved programpursuant to § 58.1-439.20. The certification shall identify the type andvalue of the donation received and the individual making the donation.
(2000, c. 946, § 63.1-325.2; 2001, cc. 292, 300; 2002, cc. 563, 747, §63.2-2006; 2005, c. 82; 2008, cc. 463, 585; 2009, c. 851.)
