HB 1701: Income tax; housing opportunity tax credit; sunset extended.

Official summary

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

Income tax; housing opportunity tax credit; sunset extended. Extends the housing opportunity tax credit sunset date from taxable year 2025 to taxable year 2030. The bill also increases the aggregate credit cap across all calendar years from $255 million to $595 billion and imposes an annual aggregate credit cap of $68 million in each calendar year between 2026 and 2030. The bill also provides that of the $68 million in credits authorized per calendar year from 2026 through 2030, 33 percent shall be reserved for qualified projects located in a geographic area within the Balance of State Pool, defined in the bill. As introduced, this bill was a recommendation of the Virginia Housing Commission.

Sponsors

Sponsors by party (alphabetical): Democratic 12

“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. February 11, 2025Passed by indefinitely in Finance and Appropriations (15-Y 0-N)
2. February 8, 2025Impact statement from TAX (HB1701)
3. February 5, 2025Referred to Committee on Finance and Appropriations
4. February 5, 2025Constitutional reading dispensed (on 1st reading)
5. February 4, 2025Read third time and passed House (94-Y 3-N)
6. February 3, 2025Printed as engrossed 25100868D-E
7. February 3, 2025Engrossed by House as amended
8. February 3, 2025Appropriations Amendment agreed to
9. February 3, 2025Read second time
10. February 2, 2025Read first time
11. January 31, 2025Reported from Appropriations with amendment(s) (22-Y 0-N)
12. January 23, 2025Assigned Approps sub: Commerce Agriculture & Natural Resources

Showing 12 most recent of 18 actions. Full history