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2022 SESSION

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SB 47 Income tax, state; housing opportunity tax credits.

Introduced by: Mamie E. Locke (by request) | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Income tax; housing opportunity tax credits. Removes the $15 million credit cap imposed on the Virginia housing opportunity tax credit and allows taxpayers to receive a state-level credit in an amount substantially similar to the amount of federal credit allocated or allowed by the Virginia Housing Development Authority for 10 years. Under current law, the Virginia Housing Development Authority is required to allocate the credit for one year only.


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