Virginia Legislature Sends Bill Creating State LIHTC to Governor’s Desk

Tuesday, March 2, 2021 - 11:30AM

Both chambers of the Virginia Legislature approved a bill to create a state low-income housing tax credit (LIHTC), sending the legislation to Gov. Ralph Northam’s desk. S.B. 1197 would create the Virginia housing opportunity tax credit, a state LIHTC with a $15 million annual allocation for five years–a decrease from the $20 million annual allocation for 10 years in the bill when it was introduced. The credit would be effective for taxable years beginning on or after Jan. 1, 2021, and before Jan. 1, 2026.

The Novogradac Low-Income Housing Tax Credit Handbook is the essential resource for affordable rental housing owners, developers, managers and investors and includes the interaction of the federal and state LIHTCs.

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