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Virginia Administrative Code
Title 22. Social Services
Agency 40. Department of Social Services
Chapter 41. Neighborhood Assistance Tax Credit Program
12/26/2024

22VAC40-41-30. Allocation of tax credits.

A. The available tax credits will be allocated among all approved organizations as follows:

1. Any amounts legislatively set aside for special purposes will be allocated for these purposes.

2. In any year in which the available amount of tax credits exceeds the previous year's available amount, at least 10% of the excess amount shall be allocated to approved organizations that did not receive any allocations in the preceding year. If the amount of tax credits requested by organizations not receiving allocations in the preceding year is less than 10% of the excess amount, the unallocated portion of such 10% shall be allocated to other approved organizations.

3. Approved organizations that received a tax credit allocation within the last four years will be given an allocation based on the average amount of tax credits actually used in prior years. The allocation process may include a determination of the reasonableness of requests, caps, and percentage reductions in order to stay within the total available funding.

B. During the program year, approved organizations that have used at least 75% of their allocation may request additional allocations of tax credits within the limits described in this section. Requests will be evaluated on reasonableness, and tax credits will be reallocated on a first-come basis as they become available. An exception may be made for organizations that have received a written commitment for a donation of real estate.

C. Maximum allocation of tax credits.

1. An organization shall receive an allocation of tax credits as specified in § 58.1-439.20 C of the Code of Virginia.

2. For the process of determining the maximum allocation for an organization whose purpose is to support and benefit another approved organization, the combined allocation will not exceed the maximum cap set by § 58.1-439.20 of the Code of Virginia.

D. Organizations may release all or a portion of their unused tax credit allocation to be reallocated in accordance with subsection B of this section.

Statutory Authority

§§ 58.1-439.20 and 63.2-217 of the Code of Virginia.  

Historical Notes

Derived from Virginia Register Volume 15, Issue 9, eff. February 17, 1999; amended, Virginia Register Volume 23, Issue 22, eff. September 1, 2007; Volume 29, Issue 1, eff. October 10, 2012; Volume 33, Issue 19, eff. June 15, 2017.

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