HB1701
Income tax; housing opportunity tax credit; sunset extended.
Summary
As Passed House of Origin. Income tax; housing opportunity tax credit; sunset extended.
Extends the housing opportunity tax credit sunset date from taxable year 2025 to taxable year 2030. The bill also increases the aggregate credit cap across all calendar years from $255 million to $595 billion and imposes an annual aggregate credit cap of $68 million in each calendar year between 2026 ... (More) and 2030. The bill also provides that of the $68 million in credits authorized per calendar year from 2026 through 2030, 33 percent shall be reserved for qualified projects located in a geographic area within the Balance of State Pool, defined in the bill. As introduced, this bill was a recommendation of the Virginia Housing Commission. (Less)-
Bill History
- 01/04/2025 - House: Prefiled and ordered printed; Offered 01-08-2025 25100868D
- 01/04/2025 - House: Referred to Committee on Finance
- 01/16/2025 - House: Impact statement from TAX (HB1701)
- 01/20/2025 - House: Assigned Finance sub: Subcommittee #2
- 01/20/2025 - House: Placed on Finance Agenda
- 01/21/2025 - House: Subcommittee recommends reporting and referred to Appropriations (7-Y 0-N 1-A)
- 01/21/2025 - House: Placed on Finance Agenda
- 01/22/2025 - House: Reported from Finance and referred to Appropriations (21-Y 1-N)
- 01/22/2025 - House: Referred to Committee on Appropriations
- 01/23/2025 - House: Assigned Approps sub: Commerce Agriculture & Natural Resources
- 01/30/2025 - House: Placed on Appropriations Agenda
- 01/31/2025 - House: Reported from Appropriations with amendment(s) (22-Y 0-N)
- 02/02/2025 - House: Read first time
- 02/03/2025 - House: Read second time
- 02/03/2025 - House: Appropriations Amendment agreed to
- 02/03/2025 - House: Engrossed by House as amended
- 02/03/2025 - House: Printed as engrossed 25100868D-E
- 02/04/2025 - House: Read third time and passed House (94-Y 3-N)
- 02/05/2025 - Senate: Constitutional reading dispensed (on 1st reading)
- 02/05/2025 - Senate: Referred to Committee on Finance and Appropriations
- 02/08/2025 - House: Impact statement from TAX (HB1701)
- 02/11/2025 - Senate: Passed by indefinitely in Finance and Appropriations (15-Y 0-N)
