Income tax, state; credit for landlords for rent forgone due to the COVID-19 pandemic. (SB5102)
Introduced By
Sen. Ben Chafin (R-Lebanon) with support from co-patron Sen. Bill DeSteph (R-Virginia Beach)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Income tax credit for rent forgone due to the COVID-19 pandemic. Establishes for taxable years 2020 through 2024 a nonrefundable income tax credit for landlords for any residential rent forgone during the COVID-19 pandemic. The amount of the credit is 65 percent of lost rent and is limited to $250,000 per taxpayer per year; any excess can be carried forward for up to three years. If a landlord receives rent for which he claimed a credit, such landlord is required to remit to the Department of Taxation the applicable portion of the credit that was granted within 90 days of receiving it. Read the Bill »
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Outcome
History
| Date | Action |
|---|---|
| 08/18/2020 | Prefiled and ordered printed; offered 08/18/20 20200656D |
| 08/18/2020 | Referred to Committee on Finance and Appropriations |
| 08/20/2020 | Impact statement from TAX (SB5102) |
| 09/02/2020 | Passed by indefinitely in Finance and Appropriations (11-Y 5-N) (see vote tally) |