Income tax, state; homebuyer tax credit. (HB1721)

Introduced By

Del. Chris Peace (R-Mechanicsville) with support from 18 copatrons, whose average partisan position is:

Those copatrons are Del. Rob Bell (R-Charlottesville), Del. Kathy Byron (R-Lynchburg), Del. Jeff Frederick (R-Woodbridge), Del. Todd Gilbert (R-Woodstock), Del. Tim Hugo (R-Centreville), Del. Sal Iaquinto (R-Virginia Beach), Del. Riley Ingram (R-Hopewell), Del. Barry Knight (R-Virginia Beach), Del. Matt Lohr (R-Harrisonburg), Del. Manoli Loupassi (R-Richmond), Del. Jimmie Massie (R-Richmond), Del. Jackson Miller (R-Manassas), Del. Glenn Oder (R-Newport News), Del. John O'Bannon (R-Richmond), Del. Brenda Pogge (R-Williamsburg), Del. Chris Saxman (R-Staunton), Sen. Jennifer McClellan (D-Richmond), Sen. Walter Stosch (R-Glen Allen)

Progress

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

Description

Income tax; homebuyer tax credit. 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. Amends § 58.1-339.12, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/05/2009Prefiled and ordered printed with emergency clause; offered 01/14/09
01/05/2009Committee
01/05/2009Prefiled and ordered printed with emergency clause; offered 01/14/09 082252676
01/05/2009Referred to Committee on Finance
01/16/2009Assigned Finance sub: 3
01/16/2009Impact statement from TAX (HB1721)
02/10/2009Left in Finance