58.1-439.23 - Donations of contracting services.
§ 58.1-439.23. Donations of contracting services.
A. A sole proprietor, partnership or limited liability company engaged in thebusiness of providing contracting services shall be eligible for a tax creditunder this article based on the time spent by the proprietor or a partner ormember, respectively, who renders contracting services to a program that hasreceived an allocation of tax credits from the Commissioner of the StateDepartment of Social Services. The value of the contracting services, forpurposes of determining the amount of the tax credit allowable, rendered bythe proprietor or a partner or member to an approved program shall not exceedthe lesser of (i) the reasonable cost for similar services from otherproviders or (ii) $50 per hour.
B. A business firm shall be eligible for a tax credit under this article forthe time spent by a salaried employee who renders contracting services to anapproved program. The value of the contracting services, for purposes ofdetermining the amount of tax credit allowed to a business firm for timespent by its salaried employee in rendering contracting services to anapproved project, shall be equal to the salary that such employee wasactually paid for the period of time that such employee rendered contractingservices to the approved program.
(1999, cc. 890, 909, § 63.1-325.1; 2002, c. 747, § 63.2-2005; 2008, c. 585.)