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EXECUTIVE SUMMARY: NEIGHBORHOOD ASSISTANCE ACT TAX CREDIT (INCOME TAX, BANK FRANCHISE TAX, INSURANCE LICENSE TAX, PUBLIC SERVICE CORPORATION LICENSE TAX)SEPTEMBER 2016 JOINT SUBCOMMITTEE TO EVALUATE

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What is neighborhood assistance act tax?

Neighborhood Assistance Act Tax is a tax credit program designed to encourage businesses and individuals to contribute to community development projects in exchange for tax credits.

Who is required to file neighborhood assistance act tax?

Any business or individual who makes a qualified charitable contribution under the Neighborhood Assistance Act is required to file the tax credit application with the Virginia Department of Social Services.

How to fill out neighborhood assistance act tax?

To fill out the Neighborhood Assistance Act Tax credit application, individuals and businesses must provide details of their charitable contribution, including the recipient organization, the amount donated, and other pertinent details requested by the Virginia Department of Social Services.

What is the purpose of neighborhood assistance act tax?

The purpose of Neighborhood Assistance Act Tax is to incentivize charitable giving and community development by providing tax credits to businesses and individuals who contribute to qualified projects.

What information must be reported on neighborhood assistance act tax?

The Neighborhood Assistance Act Tax credit application requires information on the charitable contribution made, including the recipient organization, the amount donated, and any other relevant details requested by the Virginia Department of Social Services.

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