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2022 SPECIAL SESSION I

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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: (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.  


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