Committee moves bill expanding revitalization tax

The pool of money available under the neighborhood revitalization tax program would expand from $10 million to $15 million under a bill moved by the Senate Community and Urban Affairs committee Thursday.

The bill, (S2245), also would expand the program to include gross income tax payers.

Currently, the program provides a dollar for dollar tax credit to any corporation that donates money to a non-profit for use in a neighborhood revitalization project.  The maximum credit available is $1 million per calendar year.

"Let’s be clear, this was not a ‘humanitarian’ act by the Castro regime. It was a swap of convicted spies for an innocent American."
—U.S. Senator Bob Menendez (D-NJ)