Virginia Reinstates $5 Million Annual Taxpayer Cap for State HTC
Virginia Gov. Ralph Northam signed legislation to reinstate a $5 million annual taxpayer cap on the state historic tax credit, effective July 1. HB 2705 passed the House by a 94-2 vote and the Senate by a 25-15 margin. A $5 million cap was in effect for 2017 and 2018, but expired Jan. 1.