                                 CODE OF VIRGINIA

MATCHING GRANTS FOR CONTRIBUTIONS TO A MATERIAL RESTORATION OF A PRESIDENTIAL
HOME (§ 10.1-2213.1)

A. As used in this section, unless the context requires a different meaning:
			&#8220;Charitable contribution&#8221; means a cash contribution from an
individual, estate, corporation, partnership, trust, foundation, fund,
association or any other entity or organization provided that (i) the
contribution is allowable as a deduction for federal tax purposes or (ii) would
have been allowable as a deduction for federal tax purposes had the entity or
organization been subject to federal taxes.
			&#8220;Eligible restoration expenses&#8221; means expenses incurred in the
material restoration of a historic presidential home and, except in the case of
demolition necessary to accomplish the restoration plan, added to the
property&#8217;s capital account.
			&#8220;Foundation&#8221; means an entity that is exempt from federal taxation
under &#xA7; 501(c)(3) of the Internal Revenue Code of 1986, as may be amended,
that is primarily responsible for the material restoration of a historic
presidential home.
			&#8220;Historic presidential home&#8221; means any home of a President of the
United States located in Orange County, Virginia that is individually designated
as a National Historic Landmark by the United States Secretary of the Interior.
			&#8220;Material restoration&#8221; means restoration work (i) that restores a
historic presidential home to within the period of significance stated in the
National Historic Landmark individual designation of such home by the United
States Secretary of the Interior, (ii) that is consistent with &#8220;The
Secretary of the Interior&#8217;s Standards for Restoration,&#8221; and (iii)
the cost of which amounts to at least 50 percent of the assessed value of such
home for local real estate tax purposes for the year prior to the initial
expenditure of any eligible restoration expenses, unless such home is an
owner-occupied building, in which case the cost shall amount to at least 25
percent of the assessed value of such home for local real estate tax purposes
for the year prior to the initial expenditure of any eligible restoration
expenses.

B. The Commonwealth shall provide matching grants for charitable contributions
received on or after July 1, 2003, by the Foundation that are actually spent or
expended by the Foundation in the material restoration of a historic
presidential home. The amount of the matching grant to be paid by the
Commonwealth shall equal $0.20 for each $1 of charitable contribution that is
actually spent or expended by the Foundation in the material restoration of a
historic presidential home.

C. In January of each calendar year the Foundation shall submit to the Director
the total amount of charitable contributions it received that were actually
spent or expended in the immediately preceding calendar year for the material
restoration of a historic presidential home. As a condition of receiving a
matching grant, the Foundation shall at the same time submit to the Director
such other information requested by the Director that is reasonably necessary to
verify such charitable contributions and the actual use of such contributions.
			The Director shall, as soon as practicable after receiving such submission
and verifying such charitable contributions and their actual expenditure for the
material restoration of a historic presidential home, make a written
certification to the Comptroller of the amount of the grant to be paid to the
Foundation. The amount of the grant for each calendar year shall be paid to the
Foundation in six equal annual installments on March 15 of each year beginning
with the year of the Director&#8217;s certification for the relevant calendar
year.

D. In no case shall the total amount of grants paid under this section exceed 20
percent of the estimated eligible restoration expenses of the historic
presidential home. The Director is authorized to suspend the processing of
charitable contribution submissions made by the Foundation if the Director
reasonably believes that (i) such maximum amount may be exceeded or (ii) the
material restoration will not be performed or such restoration work has been
indefinitely suspended.

HISTORY: 2005, c. 470.