Virginia Senate Bill 5102 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on August 18 2020 - 25% progression, died in chamber
Action: 2020-09-02 - Passed by indefinitely in Finance and Appropriations (11-Y 5-N)
Text: Latest bill text (Prefiled) [HTML]

Income tax credit for rent forgone due to the COVID-19 pandemic. Establishes for taxable years 2020 through 2024 a nonrefundable income tax credit for landlords for any residential rent forgone during the COVID-19 pandemic. The amount of the credit is 65 percent of lost rent and is limited to $250,000 per taxpayer per year; any excess can be carried forward for up to three years. If a landlord receives rent for which he claimed a credit, such landlord is required to remit to the Department of Taxation the applicable portion of the credit that was granted within 90 days of receiving it.

Income tax, state; credit for landlords for rent forgone due to the COVID-19 pandemic.

Sen. Benton Chafin [R]

Sen. Bill DeSteph [R]

Sen. Frank Ruff [R]

2020-09-02 - Senate - Senate: Passed by indefinitely in Finance and Appropriations (11-Y 5-N) (Y: 11 N: 5 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2020-09-02	Senate	Passed by indefinitely in Finance and Appropriations (11-Y 5-N)
2020-08-18	Senate	Referred to Committee on Finance and Appropriations
2020-08-18	Senate	Prefiled and ordered printed; offered 08/18/20 20200656D

Chapter	Article	Section	Citation Type	Statute Text
58	1	339.13	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?202+sum+SB5102
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?202+ful+SB5102+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?202+vot+S05V0003+SB5102