VirginiaSB6742026 Regular SessionSenate

Income tax, state; first-time homebuyer tax credit.

Sponsored By: Aaron R. Rouse (Democratic)

In Committee

Summary

Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2026 through 2030 for expenses incurred by a first-time homebuyer for the purchase of direct ownership in residential real property in an amount equal to five percent of the purchase price value of such property detailed on the purchase agreement up to $10,000. The bill requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property.

Finance and Appropriations

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Aaron R. Rouse

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 12 • No: 2

Senate vote 1/28/2026

Continued to 2027 in Finance and Appropriations

Yes: 12 • No: 2

Actions Timeline

  1. Continued to 2027 in Finance and Appropriations (12-Y 2-N)

    1/28/2026Senate
  2. Fiscal Impact statement From TAX (1/26/2026 10:16 am)

    1/26/2026Senate
  3. Referred to Committee on Finance and Appropriations

    1/14/2026Senate
  4. Prefiled and ordered printed; Offered 01-14-2026 26100702D

    1/14/2026Senate

Bill Text

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