58.1-344.2 - Voluntary contributions; cost of administration. - Virginia Statutes

§ 58.1-344.2. Voluntary contributions; cost of administration.

For all voluntary contributions made on individual income tax returns fortaxable years beginning on or after January 1, 2003, the Department ofTaxation may retain up to five percent of all voluntary contributions madefor the taxable year, but not to exceed $50,000 for any taxable year, for itscosts in administering voluntary contributions. The amount otherwise payableto each organization for which a voluntary contribution has been designatedshall be reduced on a pro rata basis in accordance with the amount ofvoluntary contributions designated to the specific organization in theprevious taxable year as compared to the total of all voluntary contributionsdesignated to organizations in the previous taxable year.

(2002, cc. 395, 413.)