Virginia · 2026 Regular Session · Bill
SB 747: 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 747 is a bill introduced in the Virginia Senate on January 19, 2026. According to its official title, it concerns: Income tax, state; first-time homebuyer tax credit. Primary sponsor: Todd Pillion (Republican). Most recent recorded action (January 28, 2026): Continued to next session in Finance and Appropriations (10-Y 4-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 the purchase of a principal residence by a first-time homebuyer, as such terms are defined in the bill, in an amount equal to $5,000. The bill requires that any credits be repaid if the principal residence is sold or no longer serves as the first-time homebuyer's principal residence within three years from the purchase date of such property.
Sponsors
Sponsors by party (alphabetical): Republican 1
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Todd Pillion | Primary sponsor | Republican | Senate | 6 |
“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 (10-Y 4-N)
- Fiscal Impact statement From TAX (1/26/2026 11:04 pm)
- Referred to Committee on Finance and Appropriations
- Presented and ordered printed 26105180D