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2020 SPECIAL SESSION I

• | print version

SB 5102 Income tax, state; credit for landlords for rent forgone due to the COVID-19 pandemic.

Introduced by: A. Benton "Ben" Chafin | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax credit for rent forgone due to the COVID-19 pandemic. Establishes for taxable years 2020 through 2024 a nonrefundable income tax credit for landlords for any residential rent forgone during the COVID-19 pandemic. The amount of the credit is 65 percent of lost rent and is limited to $250,000 per taxpayer per year; any excess can be carried forward for up to three years. If a landlord receives rent for which he claimed a credit, such landlord is required to remit to the Department of Taxation the applicable portion of the credit that was granted within 90 days of receiving it.

FULL TEXT

• 08/18/20  Senate: Prefiled and ordered printed; offered 08/18/20 20200656D  pdf | impact statement

HISTORY

• 08/18/20  Senate: Prefiled and ordered printed; offered 08/18/20 20200656D
• 08/18/20  Senate: Referred to Committee on Finance and Appropriations
• 09/02/20  Senate: Passed by indefinitely in Finance and Appropriations (11-Y 5-N)