Income tax, state; housing opportunity tax credits. (HB843)

Introduced By

Del. Rob Bloxom (R-Accomack) with support from co-patron Del. Luke Torian (D-Woodbridge)

Progress

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

Description

Income tax; housing opportunity tax credits. Provides that for award cycles, defined in the bill as the 12-month period during which the Virginia Housing and Development Authority (the Authority) awards tax credits to eligible projects, beginning on and after January 1, 2021, but before July 1, 2025, and upon approving a federal low-income housing tax credit for a qualified project pursuant to the Authority's qualified allocation plan, the Authority shall award a housing opportunity tax credit for the owner of the qualified project so long as doing so will not result in exceeding the award cycle cap, defined as the sum of (i) $150 million, (ii) the amount, if any, by which the award cycle cap for the preceding award cycle exceeds the tax credits awarded by the Authority in that award cycle, and (iii) the amount of tax credits recaptured or otherwise disallowed in the preceding fiscal year. The bill provides that the housing opportunity tax credit award shall not be less than one-half of the aggregate amount of the federal low-income housing tax credit approved for the qualified project under the Authority's qualified allocation plan for all years of the project's credit period. The bill requires the Authority to send written notice of the award to the owner of the qualified project and provides that a housing opportunity tax credit shall be allowed for such qualified project for each year of the credit period, in an amount equal to the lesser of (a) the amount of federal low-income housing tax credit allocated or allowed by the Authority to such qualified project, except that there shall be no reduction in the tax credit allowable in the first year of the credit period due to the calculation in 26 U.S.C. § 42(f)(2), or (b) one-tenth of the tax credit amount stated in the award notice. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/12/2022Committee
01/12/2022Prefiled and ordered printed; offered 01/12/22 22103943D
01/12/2022Referred to Committee on Finance
01/27/2022Assigned Finance sub: Subcommittee #1
01/30/2022Impact statement from TAX (HB843)
02/04/2022Subcommittee recommends reporting (6-Y 2-N)
02/04/2022Subcommittee recommends referring to Committee on Appropriations
02/07/2022Reported from Finance (20-Y 0-N) (see vote tally)
02/07/2022Referred to Committee on Appropriations
02/15/2022Left in Appropriations

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