Virginia housing opportunity; tax credit established. (SB1197)

Introduced By

Sen. Mamie Locke (D-Hampton) with support from co-patrons Sen. Jennifer Boysko (D-Herndon), and Sen. Jennifer McClellan (D-Richmond)

Progress

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

Description

Virginia housing opportunity tax credit. Establishes, for taxable years 2021 through 2025, a Virginia housing opportunity tax credit, which is equal to the amount of the federal low-income housing tax credit allocated or allowed by the Virginia Housing Development Authority to a low-income building that is eligible for the federal credit. The credit would be nonrefundable and could be carried forward for up to five years. No more than $15 million in credits shall be granted per calendar year. Read the Bill »

Status

03/31/2021: signed by governor

History

DateAction
01/11/2021Prefiled and ordered printed; offered 01/13/21 21102520D
01/11/2021Referred to Committee on Finance and Appropriations
01/23/2021Impact statement from TAX (SB1197)
02/02/2021Reported from Finance and Appropriations (16-Y 0-N) (see vote tally)
02/03/2021Constitutional reading dispensed (37-Y 0-N) (see vote tally)
02/04/2021Read second time and engrossed
02/04/2021Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/04/2021Passed Senate (39-Y 0-N) (see vote tally)
02/07/2021Placed on Calendar
02/07/2021Read first time
02/07/2021Referred to Committee on Finance
02/08/2021Continued to Special Session 1 in Finance
02/15/2021House committee, floor amendments and substitutes offered
02/15/2021Reported from Finance with amendment(s) (14-Y 8-N) (see vote tally)
02/15/2021Referred to Committee on Appropriations
02/16/2021Assigned App. sub: Commerce Agriculture & Natural Resources
02/17/2021House subcommittee amendments and substitutes offered
02/17/2021Subcommittee recommends reporting with substitute (5-Y 0-N)
02/17/2021Reported from Appropriations with substitute (12-Y 8-N) (see vote tally)
02/17/2021Committee substitute printed 21200332D-H1
02/18/2021Read second time
02/19/2021Read third time
02/19/2021Committee on Finance amendment agreed to
02/19/2021Committee on Finance amendment reconsidered
02/19/2021Committee on Finance amendment rejected
02/19/2021Committee on Appropriations substitute agreed to 21200332D-H1
02/19/2021Engrossed by House - committee substitute SB1197H1
02/19/2021Passed House with substitute (61-Y 39-N)
02/19/2021VOTE: Passage (61-Y 39-N)
02/19/2021Passed by temporarily
02/19/2021House substitute rejected by Senate (1-Y 36-N)
02/19/2021House insisted on substitute
02/19/2021House requested conference committee
02/19/2021Senate acceded to request (37-Y 0-N)
02/19/2021Conferees appointed by Senate
02/19/2021Senators: Locke, Lucas, Vogel
02/19/2021Conferees appointed by House
02/19/2021Delegates: Sullivan, Bourne, Fowler
02/26/2021C Amended by conference committee
02/26/2021Conference substitute printed 21200718D-S1
02/27/2021Conference report agreed to by Senate (39-Y 0-N)
02/27/2021Conference report agreed to by House (60-Y 39-N)
02/27/2021VOTE: Agreed To (60-Y 39-N)
03/09/2021Enrolled
03/09/2021Bill text as passed Senate and House (SB1197ER)
03/09/2021Signed by President
03/11/2021Signed by Speaker
03/15/2021Enrolled Bill Communicated to Governor on March 15, 2021
03/15/2021G Governor's Action Deadline 11:59 p.m., March 31, 2021
03/31/2021G Approved by Governor-Chapter 495 (effective 7/1/21)
03/31/2021G Acts of Assembly Chapter text (CHAP0495)
05/18/2021Impact statement from TAX (SB1197ER)