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2021 SPECIAL SESSION I
SB 1197 Virginia housing opportunity; tax credit established.
Introduced by: Mamie E. Locke | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia housing opportunity tax credit. Establishes, for taxable years 2021 through 2025, a Virginia housing opportunity tax credit, which is equal to the amount of the federal low-income housing tax credit allocated or allowed by the Virginia Housing Development Authority to a low-income building that is eligible for the federal credit. The credit would be nonrefundable and could be carried forward for up to five years. No more than $15 million in credits shall be granted per calendar year.
SUMMARY AS INTRODUCED:
Virginia housing opportunity tax credit. Establishes, starting in taxable year 2021, a Virginia housing opportunity tax credit, which is equal to the amount of the federal low-income housing tax credit allocated or allowed by the Virginia Housing Development Authority to a low-income building that is eligible for the federal credit. The credit would be nonrefundable and could be carried forward for up to five years.