Community Housing Tax Credit; replaces current low-income housing tax credit. (SB279)

Introduced By

Sen. Mary Margaret Whipple (D-Arlington)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
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. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2006Prefiled and ordered printed; offered 01/11/06 069160140
01/10/2006Referred to Committee on Finance
02/02/2006Fiscal impact statement from TAX (SB279)
02/08/2006Left in Finance (15-Y 0-N)

Duplicate Bills

The following bills are identical to this one: HB1174.