SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2001 SESSION
HB 2145 Low-income housing tax credit.
Introduced by: Thelma Drake | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Low-income housing tax credit. Adds provisions to the low-income housing tax credit that allow (i) taxpayers to carry over any unused credit for 5 taxable years or until the full credit is used, whichever occurs first; (ii) taxpayers to take the credit against additional taxes (i.e. trust, estates, bank franchise, insurance premiums); and (iii) partners and S-corporation shareholders to allocate the credits either in proportion to their ownership interests or in accordance with a signed written agreement. The bill also reduces the amount of low-income housing tax credits that may be approved in a calendar year from $3.5 million to $500,000.
SUMMARY AS PASSED HOUSE:
Low-income housing tax credit. Adds provisions to the low-income housing tax credit that allow (i) taxpayers to carry over any unused credit for 5 taxable years or until the full credit is used, whichever occurs first; (ii) taxpayers to take the credit against additional taxes (i.e. trust, estates, bank franchise, insurance premiums); and (iii) partners and S-corporation shareholders to allocate the credits either in proportion to their ownership interests or in accordance with a signed written agreement. The bill also reduces the $3.5 million cap to $500,000.
SUMMARY AS INTRODUCED:
Low-income housing tax credit. Adds provisions to the low-income housing tax credit that allow (i) taxpayers to carry over any unused credit for 10 taxable years or until the full credit is used, whichever occurs first; (ii) taxpayers to take the credit against additional taxes (i.e. trust, estates, bank franchise, insurance premiums); and (iii) partners and S-corporation shareholders to allocate the credits either in proportion to their ownership interests or in accordance with a signed written agreement.