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Virginia Budget Legislation Establishes Taxpayer Cap, Sunset Date for State HTC

Tuesday, April 13, 2021 - 10:30AM

State budget legislation signed by Virginia Gov. Ralph Northam this month established an annual taxpayer cap and a sunset date for the state historic tax credit (HTC). Virginia H.B. 1800 allows taxpayers to claim no more than $5 million per year in state HTCs and establishes a June 30, 2025, sunset date for all tax credits. Virginia previously had no sunset date on its HTC.

The Novogradac Historic Rehabilitation Handbook includes an overview of the HTC and delves into intricacies of the incentive, including how the federal HTC interacts with state credits.

 

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