Income tax, state; homebuyer tax credit. (SB1446)

Introduced By

Sen. Don McEachin (D-Richmond) with support from co-patron Del. Chris Peace (R-Mechanicsville)

Description

Income tax; homebuyer tax credit; emergency. Provides an income tax credit equal to $1,250 for single taxpayers and $2,500 for married taxpayers filing jointly for taxable years beginning January 1, 2009, and ending January 1, 2010, who purchase a home for the first time during that period for use as their principal residence. The taxpayer must repay the credit over a 10-year period which begins the first year when no credit remains to be taken. The bill has an emergency clause. Read the Bill »

Outcome

History