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.
2005 SESSION
054070108Be it enacted by the General Assembly of Virginia:
1. That § 58.1-339.9 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-339.9. Rent reductions tax credit.
For taxable years beginning on and after January 1, 2000,
through December 31, 2005 2010, any
individual shall be entitled to a credit against the tax levied pursuant to §
58.1-320, and any corporation shall be entitled to a credit against the tax
levied pursuant to § 58.1-400, provided the following requirements are
satisfied: (i) the individual or corporation is engaged in the business of the
rental of dwelling units and subject to the Virginia Residential Landlord and
Tenant Act (§ 55-248.2 et seq.); (ii) the landlord provides a reduced rent to
low-income tenants who either (a) exceed the age of sixty-two 62,
(b) are disabled from a physical or mental condition, or (c) have been homeless
at any time within the twelve 12 months
preceding the commencement of the lease term; and (iii) the rent charged for
the elderly, disabled, or previously homeless tenants is at least fifteen
15 percent less than the rent charged
to other tenants for comparable units in the same property or, if none, for
comparable units in the same market area. No individual or corporation shall be
entitled to claim a credit under this section for reduction of rents charged to
a tenant on or after January 1, 2000, and prior to January 1,
2006, on any dwelling unit unless a credit for rental reductions
was validly claimed on such dwelling unit pursuant to § 58.1-339 for all or
part of the month of December 1999. No individual or
corporation shall be entitled to claim a credit under this section for
reduction of rents charged to a tenant on or after January 1, 2006, and prior
to January 1, 2011, on any dwelling unit unless a credit for rental reductions
was validly claimed on such dwelling unit pursuant to §
58.1-339 for all or part of the month of December 1999 and unless such tenant
was an occupant of such dwelling unit on December 31, 2005. As
used herein, a homeless person includes only persons who resided in a domestic
violence shelter or homeless shelter at any time during the twelve 12 months
preceding the lease term.
The allowable credit amount shall be fifty 50 percent
of the total rent reductions allowed during the taxable year to the elderly,
disabled and previously homeless tenants. The amount of the credit for each
individual or corporation for each taxable year shall not exceed the total
amount of the tax imposed by this chapter. If the amount of such credit exceeds
the taxpayer's tax liability for such taxable year, the amount that exceeds the
tax liability may be carried over for credit against the income taxes of such
individual or corporation in the next five taxable years until the total amount
of the tax credit has been taken. Credits granted to a partnership or electing
small business corporation (S corporation) shall be passed through to the
individual partners or shareholders in proportion to their ownership or
interest in the partnership or S corporation.
The Virginia Housing Development Authority shall certify to the Department of Taxation that the individual or corporation claiming a credit is providing rent reductions as authorized under this section. The Authority shall establish regulations detailing the requirements and procedures applicable to claiming the credit provided for hereunder and setting forth the certification process and may request that the individual or corporation requesting certification submit records and other documents indicating that the requirements of this section have been satisfied. The total amount of credits that may be approved by the Authority in any fiscal year shall not exceed $50,000.