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Virginia LIHTC Incentive Enacted With $15 Million Annual Statewide Cap
Virginia Gov. Ralph Northam signed into law legislation creating a state low-income housing tax credit (LIHTC). S.B. 1197 creates the Virginia housing opportunity tax credit, which will have a $15 million annual allocation for five years, applying to taxable years beginning on or after Jan. 1, 2021. The state credit will match federal 4% and 9% LIHTC allocations. Virginia becomes the 21st state (plus the District of Columbia) with a LIHTC. Legislation to create a state LIHTC has been introduced this year in Arizona, Indiana, Iowa and Montana.
The interaction of state LIHTCs with the federal incentive will be among the topics at the Novogradac 2021 Affordable Housing Virtual Conference, April 29-30.