VirginiaSB7472026 Regular SessionSenate

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

Sponsored By: Todd E. Pillion (Republican)

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 the purchase of a principal residence by a first-time homebuyer, as such terms are defined in the bill, in an amount equal to $5,000. The bill requires that any credits be repaid if the principal residence is sold or no longer serves as the first-time homebuyer's principal residence 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

  • Todd E. Pillion

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 10 • No: 4

Senate vote 1/28/2026

Continued to 2027 in Finance and Appropriations

Yes: 10 • No: 4

Actions Timeline

  1. Continued to 2027 in Finance and Appropriations (10-Y 4-N)

    1/28/2026Senate
  2. Fiscal Impact statement From TAX (1/26/2026 11:04 pm)

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

    1/19/2026Senate
  4. Presented and ordered printed 26105180D

    1/19/2026Senate

Bill Text

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