VirginiaIncome tax; housing opportunity tax credit; sunset extended.
What it does
Income tax; housing opportunity tax credit; sunset extended. Extends the housing opportunity tax credit sunset date from taxable year 2025 to taxable year 2030. The bill also increases the aggregate credit cap across all calendar years from $255 million to $595 billion and imposes an annual aggregate credit cap of $68 million in each calendar year between 2026 and 2030.
More detail
The bill also provides that of the $68 million in credits authorized per calendar year from 2026 through 2030, 33 percent shall be reserved for qualified projects located in a geographic area within the Balance of State Pool, defined in the bill. As introduced, this bill was a recommendation of the Virginia Housing Commission.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Feb 11Passed by indefinitely in Finance and Appropriations (15-Y 0-N)Latest
- Vote recorded Passed by indefinitely in Finance and Appropriations (15-Y 0-N). Result: pass.Upper
- Feb 8Impact statement from TAX (HB1701)
- Feb 5Referred to Committee on Finance and AppropriationsMinor
- Feb 5Constitutional reading dispensed (on 1st reading)
- Feb 4Read third time and passed House (94-Y 3-N)Passed House
- Vote recorded Read third time and passed House (94-Y 3-N). Result: pass.Lower
- Feb 3Printed as engrossed 25100868D-E
- Feb 3Engrossed by House as amended
- Feb 3Appropriations Amendment agreed toMajor
- Feb 3Read second timeMinor
- Feb 2Read first timeMinor
- Jan 31Reported from Appropriations with amendment(s) (22-Y 0-N)Minor
- Vote recorded Reported from Appropriations with amendment(s) (22-Y 0-N). Result: pass.Lower
- Jan 23Assigned Approps sub: Commerce Agriculture & Natural ResourcesMinor
- Jan 22Reported from Finance and referred to Appropriations (21-Y 1-N)Minor
- Vote recorded Reported from Finance and rereferred to Appropriations (21-Y 1-N). Result: pass.Lower
- Jan 21Subcommittee recommends reporting and referred to Appropriations (7-Y 0-N 1-A)
- Vote recorded Subcommittee recommends reporting and rereferred to Appropriations (7-Y 0-N 1-A). Result: pass.Lower
- Jan 20Assigned Finance sub: Subcommittee #2Minor
- Jan 16Impact statement from TAX (HB1701)
- Jan 4Referred to Committee on FinanceMinor
- Jan 4Prefiled and ordered printed; Offered 01-08-2025 25100868DIntroduced
- Feb 11Passed by indefinitely in Finance and Appropriations (15-Y 0-N)Latest