Virginia House Bill 843 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on January 12 2022 - 25% progression, died in committee
Action: 2022-02-15 - Left in Appropriations
Pending: House Appropriations Committee
Text: Latest bill text (Prefiled) [HTML]

Income tax; housing opportunity tax credits. Provides Income tax; housing opportunity tax credits. Provides that for award cycles, defined in the bill as the 12-month period during which the Virginia Housing and Development Authority (the Authority) awards tax credits to eligible projects, beginning on and after January 1, 2021, but before July 1, 2025, and upon approving a federal low-income housing tax credit for a qualified project pursuant to the Authority's qualified allocation plan, the Authority shall award a housing opportunity tax credit for the owner of the qualified project so long as doing so will not result in exceeding the award cycle cap, defined as the sum of (i) $150 million, (ii) the amount, if any, by which the award cycle cap for the preceding award cycle exceeds the tax credits awarded by the Authority in that award cycle, and (iii) the amount of tax credits recaptured or otherwise disallowed in the preceding fiscal year. The bill provides that the housing opportunity tax credit award shall not be less than one-half of the aggregate amount of the federal low-income housing tax credit approved for the qualified project under the Authority's qualified allocation plan for all years of the project's credit period. The bill requires the Authority to send written notice of the award to the owner of the qualified project and provides that a housing opportunity tax credit shall be allowed for such qualified project for each year of the credit period, in an amount equal to the lesser of (a) the amount of federal low-income housing tax credit allocated or allowed by the Authority to such qualified project, except that there shall be no reduction in the tax credit allowable in the first year of the credit period due to the calculation in 26 U.S.C. § 42(f)(2), or (b) one-tenth of the tax credit amount stated in the award notice.

Income tax, state; housing opportunity tax credits.

Del. Robert Bloxom [R]

Del. Luke Torian [D]

2022-02-07 - House - House: Reported from Finance (20-Y 0-N) (Y: 20 N: 0 NV: 0 Abs: 2) [PASS]
2022-02-04 - House - House: Subcommittee recommends reporting (6-Y 2-N) (Y: 6 N: 2 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2022-02-15	House	Left in Appropriations
2022-02-07	House	Referred to Committee on Appropriations
2022-02-07	House	Reported from Finance (20-Y 0-N)
2022-02-04	House	Subcommittee recommends referring to Committee on Appropriations
2022-02-04	House	Subcommittee recommends reporting (6-Y 2-N)
2022-01-27	House	Assigned Finance sub: Subcommittee #1
2022-01-12	House	Referred to Committee on Finance
2022-01-12	House	Prefiled and ordered printed; offered 01/12/22 22103943D

Chapter	Article	Section	Citation Type	Statute Text
58	1	439.29	(n/a)	See Bill Text
58	1	439.30	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+HB843
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?221+ful+HB843+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?221+oth+HB843F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+H1003V0010+HB0843
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?221+vot+H10V0065+HB0843