HB1174: Community Housing Tax Credit; replaces current low-income housing tax credit.

Chief Patron

Del. Melanie Rapp (R-96)

Melanie Rapp (R-96)
Yorktown, VA
Served: 2001–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

01/20/2006: In Finance Committee

View Entire History

Summary

Community Housing Tax Credit. Establishes a tax credit that would replace the current low-income housing tax credit. Any developer or investor who builds or substantially rehabilitates a multifamily housing project that qualifies for the federal low-income housing tax credit would be eligible for a tax credit equal to 50% of the cost to acquire the land for the multifamily housing project. However, the credit would not exceed an amount equal to $5,000 multiplied by the number of low-income housing units placed in service as a result of the project. The developer or investor would not be able to claim more than $500,000 in tax credit in any taxable year. The credit would have a five-year carryover period. Any unused credit could be transferred to another taxpayer for use on a Virginia income tax return. The Board of Housing and Community Development would be required to promulgate guidelines for the credit.   View Full Text »