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 »

Outcome

Bill Has Failed

History

DateAction
08/18/2020Prefiled and ordered printed; offered 08/18/20 20200656D
08/18/2020Referred to Committee on Finance and Appropriations
08/20/2020Impact statement from TAX (SB5102)
09/02/2020Passed by indefinitely in Finance and Appropriations (11-Y 5-N) (see vote tally)

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