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2007 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 58.1-339.7 of the Code of Virginia is amended and reenacted as follows:
§ 58.1-339.7. Livable Home Tax Credit.
A. For taxable years beginning on and after January 1, 2000,
any taxpayer who purchases a new residence or retrofits or hires someone
to retrofit a an existing residence with one or more
accessibility features, as defined in this section, provided that such
new residence or the retrofitting of such existing residence is designed to
improve accessibility, provide universal visitability, and meets the
eligibility requirements established by guidelines developed by the Department
of Housing and Community Development, shall be entitled to allowed
a credit against the tax imposed pursuant to § 58.1-320 of an amount equal
to $500 for such new residence or twenty-five percent of the total
amount spent for such features, provided such features are not otherwise
required by law the retrofitting of such existing residence. The amount
of the credit allowed for the retrofitting of an existing residence shall not
exceed $500. Such a credit shall require application by the taxpayer as
provided in subsection C. For purposes of this section, the purchase of a
new residence means a transaction involving the first sale of a residence or
dwelling.
For purposes of this section, "accessibility
features" means (i) one no-step entrance allowing access into the
residence; (ii) interior passage doors providing a thirty-two-inch wide clear
opening; (iii) reinforcements in bathroom walls and installation of grab bars
around the toilet, tub, and shower; (iv) light switches and outlets placed in
wheelchair-accessible locations; and (v) universal design features or those
accessibility or adaptability features prescribed in the Virginia Uniform
Statewide Building Code (USBC), as amended.
B. The amount of the credit shall not exceed $500 or In
no event, however, shall the credit allowed under subsection A exceed the
total amount of tax imposed by this chapter, whichever is less, in the
year such features are completed in which such purchase or
retrofitting is completed. If the amount of the credit exceeds the
taxpayer's tax liability for such tax year, the amount which that
exceeds such liability may be carried over for credit by the taxpayer in the
next five taxable years until the total amount of the tax credit has been
taken.
C. Eligible taxpayers shall apply for the credit by making application to the Department of Housing and Community Development. The Department of Housing and Community Development shall issue a certification for an approved application to the taxpayer. The taxpayer shall attach the certification to the individual income tax return. The total amount of tax credits granted under this section for any taxable year shall not exceed $1 million. In the event applications for the tax credit exceed the $1 million amount, the Department of Housing and Community Development shall apportion the money by dividing the $1 million by the total amount of tax credits applied for to determine the percentage each taxpayer shall receive.
2. That the Department of Housing and Community Development shall develop guidelines establishing the eligibility requirements for the credit under § 58.1-339.7 of the Code of Virginia by September 30, 2007.
3. That the provisions of this act shall be applicable to new residences purchased or existing residences retrofitted in taxable years beginning on or after January 1, 2008.