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2010 SESSION
SB 458 Income tax credits; landlords participating in housing choice voucher programs.
Introduced by: A. Donald McEachin | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Income tax credits; landlords participating in housing choice voucher programs. Establishes an individual and corporate income tax credit beginning with the 2010 taxable year for landlords who participate in a housing choice voucher program. Eligible landlords would receive a tax credit equal to 10 percent of the fair market value of the rent for each qualified housing unit. Qualified housing units would be dwelling units located in a census tract in the Richmond Metropolitan Statistical Area in which less than 10 percent of the residents live below the poverty level.
The Department of Housing and Community Development would administer the tax credit. The Department would not be allowed to issue more than $450,000 in tax credits in any fiscal year. Tax credits would be allowed only for that portion of the taxable year in which a dwelling unit was included in a housing choice voucher program. The bill provides a five-year carryforward period for unused tax credits.
FULL TEXT
- 01/13/10 Senate: Prefiled and ordered printed; offered 01/13/10 10103904D pdf | impact statement
- 02/08/10 Senate: Printed as engrossed 10103904D-E pdf | impact statement
- 03/10/10 Senate: Bill text as passed Senate and House (SB458ER) pdf | impact statement
- 04/11/10 Governor: Acts of Assembly Chapter text (CHAP0608) pdf
AMENDMENTS
HISTORY
- 01/13/10 Senate: Prefiled and ordered printed; offered 01/13/10 10103904D
- 01/13/10 Senate: Referred to Committee on Finance
- 02/03/10 Senate: Reported from Finance with amendments (15-Y 0-N)
- 02/04/10 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/08/10 Senate: Read second time
- 02/08/10 Senate: Reading of amendments waived
- 02/08/10 Senate: Committee amendments agreed to
- 02/08/10 Senate: Engrossed by Senate as amended SB458E
- 02/08/10 Senate: Printed as engrossed 10103904D-E
- 02/09/10 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/17/10 House: Placed on Calendar
- 02/17/10 House: Read first time
- 02/17/10 House: Referred to Committee on Finance
- 02/19/10 House: Assigned Finance sub: #2
- 02/22/10 House: Reported from Finance with amendment (21-Y 1-N)
- 02/23/10 House: Read second time
- 02/24/10 House: Passed by for the day
- 02/25/10 House: Read third time
- 02/25/10 House: Passed by for the day
- 02/26/10 House: Read third time
- 02/26/10 House: Committee amendment rejected
- 02/26/10 House: Amendment by Delegate McClellan agreed to
- 02/26/10 House: Engrossed by House as amended
- 02/26/10 House: Passed House with amendment (94-Y 1-N)
- 02/26/10 House: VOTE: --- PASSAGE (94-Y 1-N)
- 03/02/10 Senate: House amendment agreed to by Senate (40-Y 0-N)
- 03/10/10 Senate: Enrolled
- 03/10/10 Senate: Bill text as passed Senate and House (SB458ER)
- 03/10/10 House: Signed by Speaker
- 03/12/10 Senate: Signed by President
- 04/11/10 Governor: Approved by Governor-Chapter 608 (effective 7/1/10)
- 04/11/10 Governor: Acts of Assembly Chapter text (CHAP0608)