Sign Up For Novogradac Industry Alert Emails

Virginia Governor Signs Bill Increasing Individual Annual Cap for State HTC

Monday, April 8, 2024 - 10:05AM

Virginia Gov. Glenn Youngkin signed legislation last week to increase the annual taxpayer cap for state historic tax credits (HTCs) from $5 million to $7.5 million. H.B. 960 makes the change effective for taxable years beginning on or after Jan. 1, 2025. The Virginia HTC is for 25% of qualified rehabilitation expenditures (QREs) with no annual statewide cap.

The Novogradac Historic Rehabilitation Handbook provides an overview of the federal and state HTC and the intricacies of the incentive.

Learn more about Novogradac's expertise and many services