VirginiaHB12272026 Regular SessionHouseWALLET

Private activity bonds; allocation of state ceiling.

Sponsored By: Joshua E. Thomas (Democratic)

Became Law

Summary

Private activity bonds; allocation of state ceiling. Increases the housing allocation of the Virginia state ceiling on private activity bonds from 57 to 67 percent by (i) increasing the allocation to the Virginia Housing Development Authority from the current 43 percent to 50 percent and (ii) increasing the allocation to local housing authorities from the current 14 percent to 17 percent. The bill also maintains the current 18 percent for the Governor's state allocation portion and reduces the industrial development bonds for manufacturing and exempt facilities portion of the ceiling from 25 to 15 percent. This bill is identical to SB 729.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 0 costs, 2 mixed.

Bigger share of bonds for housing

Beginning January 1, 2026, Virginia reserves 67% of its private activity bond cap for housing. Local housing authorities get 17% of the cap. The Virginia Housing Development Authority gets 50% for single-family and multifamily housing. This rule applies to bonds issued in 2026 and later years.

18% of bonds for state priorities

Beginning January 1, 2026, 18% of the state’s private activity bond cap goes to state issuing authorities. The Governor directs that share to housing, exempt projects, or manufacturing that serve state or regional interests. This rule applies to bonds issued in 2026 and later years.

New limits on industrial bond allocations

Beginning January 1, 2026, 15% of the state bond cap is set aside for manufacturing and exempt facilities. On July 1, if allocations since January 1 exceed 15%, the Virginia Housing Development Authority’s 2026 housing share is reduced by that extra amount. Total allocations to manufacturing and exempt facilities for 2026 cannot exceed 25% of the cap. The 15% set-aside applies in 2026 and later years.

Sponsors & Cosponsors

Sponsor

  • Joshua E. Thomas

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 208 • No: 8

Senate vote 2/27/2026

Passed Senate Block Vote

Yes: 37 • No: 0

Senate vote 2/26/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote 2/26/2026

Constitutional reading dispensed Block Vote (on 2nd reading)

Yes: 40 • No: 0

Senate vote 2/25/2026

Reported from Finance and Appropriations

Yes: 15 • No: 0

House vote 2/5/2026

Read third time and passed House

Yes: 92 • No: 6

House vote 1/30/2026

Reported from Appropriations

Yes: 21 • No: 0

House vote 1/28/2026

Subcommittee recommends reporting

Yes: 3 • No: 2 • Other: 1

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0037)

    3/31/2026Governor
  2. Approved by Governor-Chapter 37 (effective 7/1/2026)

    3/31/2026Governor
  3. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/10/2026Governor
  4. Enrolled Bill communicated to Governor on March 10, 2026

    3/10/2026House
  5. Fiscal Impact Statement from Department of Planning and Budget (HB1227)

    3/5/2026House
  6. Bill text as passed House and Senate (HB1227ER)

    3/4/2026House
  7. Enrolled

    3/4/2026House
  8. Signed by President

    3/4/2026Senate
  9. Signed by Speaker

    3/4/2026House
  10. Passed Senate Block Vote (37-Y 0-N 0-A)

    2/27/2026Senate
  11. Read third time

    2/27/2026Senate
  12. Passed by for the day Block Vote (Voice Vote)

    2/26/2026Senate
  13. Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N 0-A)

    2/26/2026Senate
  14. Rules suspended

    2/26/2026Senate
  15. Reported from Finance and Appropriations (15-Y 0-N)

    2/25/2026Senate
  16. Referred to Committee on Finance and Appropriations

    2/6/2026Senate
  17. Constitutional reading dispensed (on 1st reading)

    2/6/2026Senate
  18. Read third time and passed House (92-Y 6-N 0-A)

    2/5/2026House
  19. Read second time and engrossed

    2/4/2026House
  20. Moved from Uncontested Calendar to Regular Calendar

    2/4/2026House
  21. Read first time

    2/3/2026House
  22. Reported from Appropriations (21-Y 0-N)

    1/30/2026House
  23. Subcommittee recommends reporting (3-Y 2-N)

    1/28/2026House
  24. Fiscal Impact Statement from Department of Planning and Budget (HB1227)

    1/26/2026House
  25. Assigned HAPP sub: Commerce Agriculture & Natural Resources

    1/23/2026House

Bill Text

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