Historic rehabilitation tax credit; expand availability of credit for project rehabilitating school. (HB1363)

Introduced By

Del. Jason Miyares (R-Virginia Beach)

Progress

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

Description

Historic rehabilitation tax credit; expands availability of credit for projects rehabilitating schools. Provides that a project may qualify as eligible for the state historic rehabilitation tax credit if it involves rehabilitating property for new use as a school. Current law requires projects to be used either for their historic purpose or for a new use that requires minimal change to the defining characteristics of the building. The bill also provides that for a project rehabilitating a school or a structure to be used as a school expenses incurred in such project shall be eligible for the credit regardless of whether the person who incurs the expenses owns the building. The bill provides that a building qualifies as a historic structure if it is a public school in a school division in which at least half the schools receive funding pursuant to Title I of the federal Elementary and Secondary Education Act. The bill provides that if a project rehabilitates a school, the project qualifies as a material rehabilitation if it costs at least 10 percent of the school's assessed value. Under current law, projects generally must cost at least 50 percent of the assessed value of a building to qualify. Amends § 58.1-339.2, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2018Committee
01/11/2018Presented and ordered printed 18103828D
01/11/2018Referred to Committee on Finance
01/30/2018Assigned Finance sub: Subcommittee #2
01/30/2018Impact statement from TAX (HB1363)
01/31/2018Subcommittee recommends continuing to 2019
02/13/2018Left in Finance