All Roll Calls
Yes: 266 • No: 8
Sponsored By: Jerrauld C. "Jay" Jones (Democratic)
Became Law
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 HB 1227.
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4 provisions identified: 1 benefits, 0 costs, 3 mixed.
Starting in 2026, Virginia sets 67% of its private activity bond ceiling for housing. This share covers single‑family and multifamily projects. Of the total ceiling, 17% goes to Local Housing Authorities and 50% goes to the Virginia Housing Development Authority. This gives housing agencies more tax‑exempt bond capacity each year.
Beginning in 2026, 18% of the bond ceiling is reserved for state issuing authorities. The Governor decides how this pool is used. Money can go to housing, exempt projects, or manufacturing projects of state or regional interest. This creates a set pool under state control while reducing the share left in other pools.
From 2026 on, only 15% of the state bond ceiling is set aside for manufacturing and exempt facility bonds. On July 1, 2026, the state checks allocations made since January 1, 2026. If those allocations are above 15%, VHDA’s 2026 set‑aside is cut by the excess to honor them. Still, industrial allocations in 2026 cannot exceed 25% of the state ceiling.
The law applies these allocation rules to all private activity bonds issued in 2026 and after. Each year now uses the 2026 shares: 67% housing, 15% industrial, and an 18% state reserve. That means housing issuers often have more access, while industrial issuers have less than before. The new framework controls how all issuers draw from the yearly ceiling.
Jerrauld C. "Jay" Jones
Democratic • House
There are no cosponsors for this bill.
All Roll Calls
Yes: 266 • No: 8
House vote • 3/2/2026
Passed House
Yes: 90 • No: 8
House vote • 2/25/2026
Reported from Appropriations
Yes: 22 • No: 0
Senate vote • 2/16/2026
Engrossed by Senate Block Vote (Voice Vote)
Yes: 0 • No: 0
Senate vote • 2/16/2026
Read third time and passed Senate Block Vote
Yes: 39 • No: 0
Senate vote • 2/16/2026
Constitutional reading dispensed Block Vote (on 3rd reading)
Yes: 39 • No: 0
Senate vote • 2/13/2026
Constitutional reading dispensed Block Vote (on 1st reading)
Yes: 35 • No: 0
Senate vote • 2/12/2026
Reported from Finance and Appropriations
Yes: 15 • No: 0
Senate vote • 2/3/2026
Continued to 2027 in Finance and Appropriations
Yes: 15 • No: 0
Senate vote • 1/28/2026
Rereferred from General Laws and Technology to Finance and Appropriations
Yes: 11 • No: 0
Acts of Assembly Chapter text (CHAP0038)
Approved by Governor-Chapter 38 (effective 7/1/2026)
Governor's Action Deadline 11:59 p.m., April 13, 2026
Enrolled Bill communicated to Governor on March 10, 2026
Fiscal Impact Statement from Department of Planning and Budget (SB729)
Bill text as passed Senate and House (SB729ER)
Enrolled
Signed by President
Signed by Speaker
Passed House (90-Y 8-N 0-A)
Read third time
Moved from Uncontested Calendar to Regular Calendar
Read second time
Reported from Appropriations (22-Y 0-N)
Assigned HAPP sub: Commerce Agriculture & Natural Resources
Read first time
Referred to Committee on Appropriations
Placed on Calendar
Read third time and passed Senate Block Vote (39-Y 0-N 0-A)
Constitutional reading dispensed Block Vote (on 3rd reading) (39-Y 0-N 0-A)
Engrossed by Senate Block Vote (Voice Vote)
Blank Action
Rules suspended
Read second time
Constitutional reading dispensed Block Vote (on 1st reading) (35-Y 0-N 0-A)
Chaptered
3/31/2026
Enrolled
3/5/2026
Introduced
1/19/2026
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