Historic rehabilitation; maximum amount of tax credit. (HB960)

Introduced By

Del. Alfonso Lopez (D-Arlington) with support from co-patron Del. Jackie Glass (D-Norfolk)

Progress

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

Description

Historic rehabilitation tax credit; maximum amount of tax credit. Increases from $5 million to $7.5 million, beginning in taxable year 2025, the maximum amount of the historic rehabilitation tax credit, including amounts carried over from prior taxable years, that may be claimed by a taxpayer in any taxable year. This bill is identical to SB 556. Read the Bill »

Notes

According to the fiscal impact statement, the bill to increase the maximum amount of the Historic Rehabilitation Tax Credit has an unknown negative General Fund revenue impact beginning in Fiscal Year 2025. Based on data from previous years, the impact could range from approximately $5 million to $15 million annually. However, the actual impact will depend on the number of taxpayers affected by the current $5 million per taxpayer cap and their available credits or carryover credits. The long-term revenue impact of the bill will also depend on the number of additional projects authorized in response to the increase in the annual per taxpayer cap. Overall, the exact cost of the legislation is uncertain.

Summary generated automatically by OpenAI.

Outcome

Bill Has Passed

History

DateAction
01/09/2024Committee
01/09/2024Prefiled and ordered printed; offered 01/10/24 24101549D
01/09/2024Referred to Committee on Finance
01/25/2024Assigned Finance sub: Subcommittee #1
01/28/2024Impact statement from TAX (HB960)
01/29/2024Subcommittee recommends reporting (5-Y 3-N)
01/29/2024Subcommittee recommends referring to Committee on Appropriations
01/31/2024Reported from Finance (13-Y 9-N) (see vote tally)
01/31/2024Referred to Committee on Appropriations
02/06/2024Assigned App. sub: Commerce Agriculture & Natural Resources
02/07/2024House subcommittee amendments and substitutes offered
02/07/2024Subcommittee recommends reporting with amendments (7-Y 1-N)
02/07/2024Reported from Appropriations with amendment(s) (14-Y 8-N) (see vote tally)
02/09/2024Read first time
02/12/2024Read second time
02/12/2024Committee amendments agreed to
02/12/2024Engrossed by House as amended HB960E
02/12/2024Printed as engrossed 24101549D-E
02/13/2024Read third time and passed House (62-Y 37-N)
02/13/2024VOTE: Passage (62-Y 37-N) (see vote tally)
02/14/2024Constitutional reading dispensed
02/14/2024Referred to Committee on Finance and Appropriations
02/21/2024Impact statement from TAX (HB960E)
02/27/2024Senate subcommittee amendments and substitutes offered
02/27/2024Committee substitute printed 24108322D-S1
02/27/2024Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/27/2024Reported from Finance and Appropriations with substitute (15-Y 0-N) (see vote tally)
02/28/2024Read third time
02/28/2024Reading of substitute waived
02/28/2024Committee substitute agreed to 24108322D-S1
02/28/2024Engrossed by Senate - committee substitute HB960S1
02/28/2024Passed Senate with substitute (39-Y 0-N) (see vote tally)
02/28/2024Senate substitute rejected by House 24108322D-S1 (0-Y 98-N)
02/28/2024VOTE: REJECTED (0-Y 98-N) (see vote tally)
02/28/2024Senate insisted on substitute (39-Y 0-N) (see vote tally)
02/28/2024Senate requested conference committee
02/28/2024House acceded to request
02/28/2024Conferees appointed by House
02/28/2024Delegates: Lopez, Mundon King, Bloxom
02/28/2024Conferees appointed by Senate
02/28/2024Senators: Williams Graves, Surovell, Locke
03/06/2024C Amended by conference committee
03/06/2024Conference substitute printed 24108726D-H1
03/06/2024Conference report agreed to by House (78-Y 19-N)
03/06/2024VOTE: Adoption (78-Y 19-N)
03/07/2024Conference report agreed to by Senate (38-Y 2-N)
03/25/2024Enrolled
03/25/2024Bill text as passed House and Senate (HB960ER)
03/25/2024Signed by President
03/26/2024Signed by Speaker
03/27/2024Enrolled Bill communicated to Governor on March 27, 2024
03/27/2024G Governor's Action Deadline 11:59 p.m., April 8, 2024
04/04/2024G Approved by Governor-Chapter 462 (effective 7/1/24)

Comments

J.S. Webster writes:

It appears that the amendment took away any good that this bill could have done and is quite damaging now to the tax credit program. It would certainly impact shovel ready projects in place as well with a July 1 start date. 75 million is far too low of cap and would certainly hamper bank spending and cause uncertainty with lending. Seems bad for business and lending in an already tough environment.

Post a Public Comment About this Bill



if you have one


(Limited HTML is OK: <a>, <em>, <strong>, <s>)