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2022 SPECIAL SESSION I
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: (all summaries)
Income tax; housing opportunity tax credits. Makes various changes to the Virginia housing opportunity tax credit program. The bill provides that the annual cap for the amount of Virginia housing opportunity tax credits that may be issued per calendar year in calendar years 2022 through 2025 shall equal $60 million, where such credits issued in each calendar year are allowed ratably, with one-tenth of the total amount of such credits allowed annually for 10 years over the credit period. Under current law, the housing opportunity tax credit is subject to an annual cap of $15 million per calendar year. The bill also provides that $20 million of such $60 million annual cap must be first allocated exclusively for qualified projects located in a locality with a population no greater than 35,000. The bill imposes a new aggregate cap of $255 million on Virginia housing opportunity tax credits issued across all calendar years 2021 through 2025. The bill repeals authorization for the Virginia Housing Development Authority (VHDA) to create a certificated program and instead provides that VHDA must provide information, data, and advisement on a separately authorized certificated program at the request of the chairmen of the House Committee on Appropriations, the House Committee on Finance, and the Senate Committee on Finance and Appropriations.
FULL TEXT
- 12/29/21 Senate: Prefiled and ordered printed; offered 01/12/22 22101688D pdf | impact statement
- 02/10/22 Senate: Committee substitute printed 22106337D-S1 pdf | impact statement
- 02/28/22 House: Committee substitute printed 22107098D-H1 pdf
- 06/01/22 Senate: Conference substitute printed 22208270D-S2 pdf
- 06/01/22 Senate: Substitute bill reprinted 22208270D-S2 pdf
- 07/20/22 Senate: Bill text as passed Senate and House (SB47ER) pdf | impact statement
- 08/04/22 Governor: Acts of Assembly Chapter text (CHAP0003) pdf
AMENDMENTS
- House committee, floor amendments and substitutes offered
- Senate subcommittee amendments and substitutes offered
- Senate committee, floor amendments and substitutes offered
- Conference amendments
HISTORY
- 12/29/21 Senate: Prefiled and ordered printed; offered 01/12/22 22101688D
- 12/29/21 Senate: Referred to Committee on Finance and Appropriations
- 02/10/22 Senate: Reported from Finance and Appropriations with substitute (16-Y 0-N)
- 02/10/22 Senate: Committee substitute printed 22106337D-S1
- 02/11/22 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/14/22 Senate: Read second time
- 02/14/22 Senate: Reading of substitute waived
- 02/14/22 Senate: Committee substitute agreed to 22106337D-S1
- 02/14/22 Senate: Engrossed by Senate - committee substitute SB47S1
- 02/14/22 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/14/22 Senate: Passed Senate (40-Y 0-N)
- 02/18/22 House: Placed on Calendar
- 02/18/22 House: Read first time
- 02/18/22 House: Referred to Committee on Finance
- 02/22/22 House: Assigned Finance sub: Subcommittee #1
- 02/23/22 House: Referred from Finance by voice vote
- 02/23/22 House: Referred to Committee on Appropriations
- 02/28/22 House: Reported from Appropriations with substitute (22-Y 0-N)
- 02/28/22 House: Committee substitute printed 22107098D-H1
- 03/01/22 House: Read second time
- 03/02/22 House: Read third time
- 03/02/22 House: Committee substitute agreed to 22107098D-H1
- 03/02/22 House: Engrossed by House - committee substitute SB47H1
- 03/02/22 House: Passed House with substitute BLOCK VOTE (100-Y 0-N)
- 03/02/22 House: VOTE: Block Vote Passage (100-Y 0-N)
- 03/02/22 Senate: House substitute rejected by Senate (1-Y 36-N)
- 03/02/22 House: House insisted on substitute
- 03/02/22 House: House requested conference committee
- 03/02/22 Senate: Senate acceded to request (40-Y 0-N)
- 03/02/22 Senate: Conferees appointed by Senate
- 03/02/22 Senate: Senators: Locke, Lucas, Hanger
- 03/02/22 House: Conferees appointed by House
- 03/02/22 House: Delegates: Bloxom, Marshall, Reid
- 03/12/22 Senate: Continued to 2022 Sp. Sess. 1 pursuant to HJR455
- 06/01/22 Conference: Amended by conference committee
- 06/01/22 Senate: Conference substitute printed 22208270D-S2
- 06/01/22 Senate: Substitute bill reprinted 22208270D-S2
- 06/17/22 Senate: Passed by temporarily
- 06/17/22 Senate: Conference report agreed to by Senate (39-Y 0-N)
- 06/17/22 House: Conference report agreed to by House (86-Y 3-N)
- 06/17/22 House: VOTE: Adoption (86-Y 3-N)
- 07/20/22 Senate: Enrolled
- 07/20/22 Senate: Bill text as passed Senate and House (SB47ER)
- 07/20/22 House: Signed by Speaker
- 07/21/22 Senate: Signed by President
- 07/28/22 Senate: Enrolled Bill Communicated to Governor on July 28, 2022
- 07/28/22 Governor: Governor's Action Deadline 11:59 p.m., August 4, 2022
- 08/04/22 Governor: Approved by Governor-Chapter 3 (effective 4/1/24)
- 08/04/22 Governor: Acts of Assembly Chapter text (CHAP0003)