Income tax, state; housing opportunity tax credits. (SB47)

Introduced By

Sen. Mamie Locke (D-Hampton) 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. Removes the $15 million credit cap imposed on the Virginia Housing Opportunity Tax Credit and allows taxpayers to receive a state-level credit in an amount substantially similar to the amount of federal credit allocated or allowed by the Virginia Housing Development Authority for 10 years. Under current law, the Virginia Housing Development Authority is required to allocate the credit for one year only. Read the Bill »

Status

03/02/2022: Passed the House

History

DateAction
12/29/2021Prefiled and ordered printed; offered 01/12/22 22101688D
12/29/2021Referred to Committee on Finance and Appropriations
02/07/2022Impact statement from TAX (SB47)
02/08/2022Senate subcommittee amendments and substitutes offered
02/10/2022Impact statement from TAX (SB47)
02/10/2022Senate committee, floor amendments and substitutes offered
02/10/2022Reported from Finance and Appropriations with substitute (16-Y 0-N) (see vote tally)
02/10/2022Committee substitute printed 22106337D-S1
02/11/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/14/2022Read second time
02/14/2022Reading of substitute waived
02/14/2022Committee substitute agreed to 22106337D-S1
02/14/2022Engrossed by Senate - committee substitute SB47S1
02/14/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/14/2022Passed Senate (40-Y 0-N) (see vote tally)
02/18/2022Impact statement from TAX (SB47S1)
02/18/2022Placed on Calendar
02/18/2022Read first time
02/18/2022Referred to Committee on Finance
02/22/2022Assigned Finance sub: Subcommittee #1
02/23/2022Referred from Finance
02/23/2022Referred to Committee on Appropriations
02/25/2022Impact statement from TAX (SB47S1)
02/28/2022House committee, floor amendments and substitutes offered
02/28/2022Reported from Appropriations with substitute (22-Y 0-N) (see vote tally)
02/28/2022Committee substitute printed 22107098D-H1
03/01/2022Read second time
03/02/2022Read third time
03/02/2022Committee substitute agreed to 22107098D-H1
03/02/2022Engrossed by House - committee substitute SB47H1
03/02/2022Passed House with substitute BLOCK VOTE (100-Y 0-N)
03/02/2022VOTE: Block Vote Passage (100-Y 0-N) (see vote tally)
03/02/2022House substitute rejected by Senate (1-Y 36-N) (see vote tally)
03/02/2022House insisted on substitute
03/02/2022House requested conference committee
03/02/2022Senate acceded to request (40-Y 0-N) (see vote tally)
03/02/2022Conferees appointed by Senate
03/02/2022Senators: Locke, Lucas, Hanger
03/02/2022Conferees appointed by House
03/02/2022Delegates: Bloxom, Marshall, Reid
03/12/2022Continued to 2022 Sp. Sess. pursuant to HJR 455
03/12/2022Continued to 2022 Sp. Sess. 1 pursuant to HJR455

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