Virginia Senate Bill 512 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on January 9 2024 - 25% progression
Action: 2024-02-07 - Passed by indefinitely in Finance and Appropriations with letter (15-Y 0-N)
Text: Latest bill text (Prefiled) [HTML]

Income tax credit; adaptive repurposing of underutilized structures. Creates a nonrefundable income tax credit in taxable years 2024 through 2028 for eligible expenses, defined in the bill, incurred in converting office buildings to residential uses. The credit may be claimed only in the year during which a qualified converted building, defined in the bill, is placed into service and is equal to (i) 20 percent or (ii) 30 percent in an at-risk locality, defined in the bill, of the amount of eligible expenses incurred. No single taxpayer may claim more than $2.5 million in credits in any single taxable year and the credit is subject to an aggregate annual cap of $30 million.

Income tax, state; adaptive repurposing of underutilized structures.

Sen. Angelia Williams Graves [D]

Sen. Saddam Salim [D]

2024-02-07 - Senate - Senate: Passed by indefinitely in Finance and Appropriations with letter (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2024-02-07	Senate	Passed by indefinitely in Finance and Appropriations with letter (15-Y 0-N)
2024-01-09	Senate	Referred to Committee on Finance and Appropriations
2024-01-09	Senate	Prefiled and ordered printed; offered 01/10/24 24100320D

Chapter	Article	Section	Citation Type	Statute Text
58	1	339.15	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+SB512
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?241+ful+SB512+hil
Supplement	https://lis.virginia.gov/cgi-bin/legp604.exe?241+oth+SB512F161+PDF
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?241+vot+S05V0226+SB0512