VirginiaSB8282025 Regular SessionSenate

Income tax, state; housing opportunity tax credit, sunset extended.

Sponsored By: Mamie E. Locke (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 $1.505 billion and imposes an annual aggregate credit cap of $250 million in each calendar year between 2026 and 2030. The bill also provides that of the $250 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. This bill is a recommendation of the Virginia Housing Commission.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Mamie E. Locke

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Left in Finance and Appropriations

    2/5/2025Senate
  2. Impact statement from TAX (SB828)

    1/15/2025Senate
  3. Referred to Committee on Finance and Appropriations

    12/31/2024Senate
  4. Prefiled and ordered printed; Offered 01-08-2025 25103999D

    12/31/2024Senate

Bill Text

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