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2009 SESSION

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SB 906 Income tax, state; homebuyer tax credit.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Income tax; homebuyer tax credit.  Provides an income tax credit equal to $2,500 for single taxpayers and $5,000 for married taxpayers filing jointly for taxable years beginning on or after January 1, 2009, but before January 1, 2011, who purchase a principal residence during that period. Any tax credit claimed would be recaptured if the taxpayer disposes of the principal residence within two years after purchase. The bill is contingent on supplemental appropriations that may be used for such a credit being included in a federal stimulus package adopted by March 27, 2009.

SUMMARY AS INTRODUCED:

Income tax; homebuyer tax credit.  Provides an income tax credit equal to $2,500 for single taxpayers and $5,000 for married taxpayers filing jointly for taxable years beginning on or after January 1, 2009, but before January 1, 2011, who purchase a principal residence during that period. Any tax credit claimed would be recaptured if the taxpayer disposes of the principal residence within two years after purchase.