Community Housing Tax Credit; replaces current low-income housing tax credit. (SB279)
Introduced By
Sen. Mary Margaret Whipple (D-Arlington)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
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. Amends § 36-137 (“Powers and duties of Board; appointment of Building Code Academy Advisory Committee.”), § 36-139 (“Powers and duties of Director.”), § 36-55.63 (“Low-income housing credit.”), § 58.1-439.12:02 (“Biodiesel and green diesel fuels producers tax credit.”), of the Code of Virginia. View Full Text »
