Income tax credits; landlords participating in housing choice voucher programs. (SB458)

Introduced By

Sen. Don McEachin (D-Richmond)

Progress

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

Description

Income tax credits; landlords participating in housing choice voucher programs. Establishes an individual and corporate income tax credit beginning with the 2010 taxable year for landlords who participate in a housing choice voucher program. Eligible landlords would receive a tax credit equal to 10 percent of the fair market value of the rent for each qualified housing unit. Qualified housing units would be dwelling units located in the Richmond Metropolitan Statistical Area that are included in a housing choice voucher program.

The Department of Housing and Community Development would administer the tax credit. The Department would not be allowed to issue more than $400,000 in tax credits in any fiscal year. Tax credits would be allowed only for that portion of the taxable year in which a dwelling unit was included in a housing choice voucher program. The bill provides a five-year carryforward period for unused tax credits. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/13/2010Prefiled and ordered printed; offered 01/13/10 10103904D
01/13/2010Referred to Committee on Finance
01/25/2010Impact statement from DPB (SB458)
02/03/2010Reported from Finance with amendments (15-Y 0-N) (see vote tally)
02/04/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/08/2010Read second time
02/08/2010Reading of amendments waived
02/08/2010Committee amendments agreed to
02/08/2010Engrossed by Senate as amended SB458E
02/08/2010Printed as engrossed 10103904D-E
02/09/2010Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/11/2010Impact statement from DPB (SB458E)
02/17/2010Placed on Calendar
02/17/2010Read first time
02/17/2010Referred to Committee on Finance
02/19/2010Assigned Finance sub: #2
02/22/2010Reported from Finance with amendment (21-Y 1-N) (see vote tally)
02/23/2010Read second time
02/24/2010Passed by for the day
02/25/2010Read third time
02/25/2010Passed by for the day
02/26/2010Read third time
02/26/2010Committee amendment rejected
02/26/2010Amendment by Delegate McClellan agreed to
02/26/2010Engrossed by House as amended
02/26/2010Passed House with amendment (94-Y 1-N)
02/26/2010VOTE: --- PASSAGE (94-Y 1-N) (see vote tally)
03/02/2010House amendment agreed to by Senate (40-Y 0-N) (see vote tally)
03/10/2010Enrolled
03/10/2010Bill text as passed Senate and House (SB458ER)
03/10/2010Signed by Speaker
03/12/2010Signed by President
03/30/2010Impact statement from DPB (SB458ER)
04/11/2010G Approved by Governor-Chapter 608 (effective 7/1/10)
04/11/2010G Acts of Assembly Chapter text (CHAP0608)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 3 minutes.

Duplicate Bills

The following bills are identical to this one: HB764.