VirginiaHB17012025 Regular SessionHouse

Income tax; housing opportunity tax credit; sunset extended.

Sponsored By: David L. Bulova (Democratic)

Failed

Summary

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. 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.

Finance and Appropriations

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • David L. Bulova

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 159 • No: 4

Senate vote • 2/11/2025

Passed by indefinitely in Finance and Appropriations

Yes: 15 • No: 0

House vote • 2/4/2025

Read third time and passed House

Yes: 94 • No: 3

House vote • 1/31/2025

Reported from Appropriations with amendment(s)

Yes: 22 • No: 0

House vote • 1/22/2025

Reported from Finance and referred to Appropriations

Yes: 21 • No: 1

House vote • 1/21/2025

Subcommittee recommends reporting and referred to Appropriations

Yes: 7 • No: 0 • Other: 1

Actions Timeline

  1. Passed by indefinitely in Finance and Appropriations (15-Y 0-N)

    2/11/2025Senate
  2. Impact statement from TAX (HB1701)

    2/8/2025House
  3. Referred to Committee on Finance and Appropriations

    2/5/2025Senate
  4. Constitutional reading dispensed (on 1st reading)

    2/5/2025Senate
  5. Read third time and passed House (94-Y 3-N)

    2/4/2025House
  6. Printed as engrossed 25100868D-E

    2/3/2025House
  7. Engrossed by House as amended

    2/3/2025House
  8. Appropriations Amendment agreed to

    2/3/2025House
  9. Read second time

    2/3/2025House
  10. Read first time

    2/2/2025House
  11. Reported from Appropriations with amendment(s) (22-Y 0-N)

    1/31/2025House
  12. Assigned Approps sub: Commerce Agriculture & Natural Resources

    1/23/2025House
  13. Reported from Finance and referred to Appropriations (21-Y 1-N)

    1/22/2025House
  14. Subcommittee recommends reporting and referred to Appropriations (7-Y 0-N 1-A)

    1/21/2025House
  15. Assigned Finance sub: Subcommittee #2

    1/20/2025House
  16. Impact statement from TAX (HB1701)

    1/16/2025House
  17. Referred to Committee on Finance

    1/4/2025House
  18. Prefiled and ordered printed; Offered 01-08-2025 25100868D

    1/4/2025House

Bill Text

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