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Virginia · 2026 Regular Session · Bill

HB 1258: Pass-through limitation tax credit; report, penalty.

In committee Official data

  1. Introduced
  2. In committee
  3. Passed one chamber
  4. Passed both chambers
  5. Enacted

Last official action: ·Record last updated:

Plain-language summary

HB 1258 is a bill introduced in the Virginia House on January 14, 2026. According to its official title, it concerns: Pass-through limitation tax credit; report, penalty. Primary sponsor: Phil Scott (Republican). Most recent recorded action (February 18, 2026): Left in Finance.

Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Pass-through limitation tax credit; report; penalty. Establishes, for taxable years 2026 through 2030, a tax credit for owners of qualified rental property, as defined by the bill, in an amount equal to a percentage of any qualifying tax increase in real property tax on such qualified rental property. The bill requires a taxpayer to certify that there are limitations on rent increases for any qualified rental property to be eligible for the credit. Under the bill, the Department of Taxation is required to develop guidelines for the administration of the credit, including an application process for the credit. The bill requires the Department to audit no less than five percent of the qualified rental properties for which a credit is claimed in a taxable year. If, in the process of such audit, the Department determines that the owner of a qualified rental property that claimed a credit falsely certified compliance with any of the credit eligibility requirements, the credit is subject to recapture. The bill provides that any owner of a qualified rental property that knowingly makes a false statement in an application for the credit is guilty of a Class 3 misdemeanor. The bill instructs the Department to report on the utilization of the credit by November 1 of each year to the House Committee on Appropriations, House Committee on Finance, and Senate Committee on Finance and Appropriations.

Sponsors

Sponsors by party (alphabetical): Republican 1

NameRolePartyChamberDistrict
Phil ScottPrimary sponsorRepublicanHouse63

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

  1. Left in Finance
  2. Fiscal Impact statement From TAX (2/8/2026 2:59 pm)
  3. Assigned HFIN sub: Subcommittee #1
  4. Referred to Committee on Finance
  5. Prefiled and ordered printed; Offered 01-14-2026 26103412D

Sources

  1. Open States / Plural (data from the official legislature website)
  2. Official legislature source