Virginia · 2026 Regular Session · Bill
SB 674: Income Tax, state; first-time homebuyer tax credit.
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
SB 674 is a bill introduced in the Virginia Senate on January 14, 2026. According to its official title, it concerns: Income Tax, state; first-time homebuyer tax credit. Primary sponsor: Aaron Rouse (Democratic). Most recent recorded action (January 28, 2026): Continued to next session in Finance and Appropriations (12-Y 2-N).
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.
Individual income tax; first-time homebuyer tax credit. Creates a one-time, nonrefundable individual income tax credit in taxable years 2026 through 2030 for expenses incurred by a first-time homebuyer for the purchase of direct ownership in residential real property in an amount equal to five percent of the purchase price value of such property detailed on the purchase agreement up to $10,000. The bill requires that any credits be repaid in the event that the residential real property for which first-time homebuyer expenses were incurred and such credit was claimed is sold within three years from the purchase date of such property.
Sponsors
Sponsors by party (alphabetical): Democratic 1
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Aaron Rouse | Primary sponsor | Democratic | Senate | 22 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- Continued to next session in Finance and Appropriations (12-Y 2-N)
- Fiscal Impact statement From TAX (1/26/2026 10:16 am)
- Referred to Committee on Finance and Appropriations
- Prefiled and ordered printed; Offered 01-14-2026 26100702D