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2007 SESSION
077142448Be 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
residence or the retrofitting of such 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 a credit in the amount of $500 or to
an amount equal to twenty-five percent of the total amount spent for the
retrofitting of an existing residence against the tax imposed pursuant to §
58.1-320 of an amount equal to twenty-five percent of the total amount spent
for such features, provided such features are not otherwise required by law.
The amount of the credit shall not exceed $500 Such a credit
and 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 orIn
no event, however, shall the credit exceed the total amount of tax
imposed by this chapter, whichever is less, in the year such features
are completedthat such purchase or retrofitting is completed. If the
amount of the credit exceeds the taxpayer's tax liability for such tax year,
the amount whichthat 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 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 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 provisions of this act by September 30, 2007.
3. That the provisions of this act shall be applicable to new residences purchased or existing residences retrofitted for the taxable years beginning on or after January 1, 2008.