Virginia Legislation Would Expand Annual State LIHTC Allocation to $150 Million
Legislation in the Virginia state Senate would increase the annual allocation amount for the state low-income housing tax credit (LIHTC) from $15 million to $150 million per year, plus any credit amount recaptured or disallowed the previous year. S.B. 47 applies to the Virginia housing opportunity tax credit, which was signed into law in April 2021.
Note: Deletes earlier reference to sunset date changing.
The Novogradac Introduction to Low-Income Housing Tax Credits provides an introduction to the basics of the LIHTC incentive, including the use of state credits.