- Report Published -
|Identification of Tax Preferences Outside of Title 58.1|
|Virginia Code Commission|
|SJR 308 (Regular Session, 2005)|
|Senate Joint Resolution 308 of the 2005 Session of the General Assembly directed the Virginia Code Commission to identify tax preferences in the Code of Virginia residing outside of Title 58.1 (Taxation) and make recommendations to the General Assembly concerning legislation that might be enacted to create cross references in Title 58.1 for these preferences or to more easily identify all tax preferences by users of the Code of Virginia.|
Two tax credits were identified outside of Title 58.1. As a result of this finding, the Virginia Code Commission recommended legislation to move the substantive provisions of the low-income housing tax credit and the Neighborhood Assistance Act tax credit statutes into Title 58.1 of the Code of Virginia. For the low-income housing tax credit, the legislation consolidates the tax credit provisions into § 58.1-435 and provides a cross reference to the tax credit in § 36-55.63. Proposed legislation moves the Neighborhood Assistance Act tax credit from Title 63.2 (Welfare) to Title 58.1 (Taxation) and provides a cross reference to the tax credit program in § 63.2-2002 of the Code of Virginia.